Promises do not commit that those who belie e

Arcelor, Danone, Euronext, Suez... the economic news tends to repeat itsel o er globalization, which slowly but surely wea es his can as: our companies, our jewels o rench engineering, are under the threat o oreign takeo ers. This o ensi e o " oreign capital" be it American, Italian or Indian , the reaction o the rench political class is the same: protect our businesses and the jobs that go with. At no time are queries on the substanti e reasons which are the source o these mo ements, their real impact in economic terms and on our responsibilities. Thus, acing this threat, the response o the Go ernment o Dominique de illepin is to promote "economic patriotism" and the Socialist program is to rehabilitate (otherwise exhumed) the concept o nationalization. The case o Suez and gas o rance is particularly illuminating; It is e en a case where we could make loor our management students to illustrate the remarkable stability o the economic thought o our leaders, o ten trained to the same school.

Remember: in ebruary 2006, the current Go ernment decided to support the proposed merger Suez-GD , to "li e the industrial project which is under the threat o a un riendly takeo er bid"... Italian group. He added that "the de elopment o this industrial project in the strategic energy sector its ully in our conception o economic patriotism". Regardless, at the time, that this proposed merger in ol es de acto pri atization o GD , while opposing commitments had been taken to the employees o S M at the introduction o the company on the market. Promises do not commit that those who belie e... said among the cynics. The problem is that, because he did not keep his promises, should not surprise loss o trust among stakeholders, including employees. But that is such a ow to the urgent need to "gi e to the rance a second major energy player by ED and strengthen the global industrial ocation o our country" Admittedly, such a merger will gi e birth i she sees the day a giant o the energy and industrial project consistency. But the rapprochement o Enel with Suez also had its industrial coherence at European le el. Thus, the Italian Enel was particularly interested in Electrobel stations, a Belgian company controlled by Suez. In short, e en i the merger o Suez and Enel remained a European a air, should inter ene. The issue was too important to let it settle by the market. It is known, since General de Gaulle, that the rance policy does not in the Recycle Bin. Where the proposed merger with GD Suez concocted by the Go ernment and justi ied by the concept o "economic patriotism". Project that isibly aces di iculties. Indeed, in addition to the act that the Go ernment may ha e underestimated the reaction o a uture pri atization o GD Union, the European Commission announced that it was opposed to what the rench State has a "golden share" in the uture group Suez-GD .

The ersion o le t o economic patriotism comes with the announcement o the program o the Socialist Party or the next elections. It is neither more nor less to create a "ED - GD public pole" and nationalizing 100 ED . The PS project plans to completely renationalised ED , partially pri atized success ully last No ember. Remember that 5 million indi iduals were then purchased ED shares and that the title rose by about 30. Today the State holds more than 87 o the capital and back to 100 cost to public inances approximately 10 billion. I S M should be renationalized also 100, it would cost about EUR 5 billion. In short, a real symbolic operation le t 15 billion. or what bene its No one knows. But, as e eryone knows, the principles do not price. While the operation is what seduce the unions o the two companies, including the CGT that is a raid o losing its in luence with openings o capital, which you ne er really know how they can be completed... One thing is certain: the project does not match the current directions o the branches o these companies and is certainly not a strategy o opening international, yet i necessary in the current context. But no matter, with a nationalization to 100, reached the nir ana o economic patriotism: most hostile risk OPA and takeo ers by oreign capital. It will be able to play quietly in our Hexagon! To complete the range, the PS proposes to allow the Minister o economy and inance to eto a hostile o er on a rench company in a strategic sector i it is bad or the industrial, economic or social o the rance policy. Imagine that all countries adopt such measures... The problem is that nobody knows what really is a rench company, especially when we know that the capital o our glories o the CAC 40 sometimes belongs to more than 50 oreigners, their headquarters are sometimes out o rance and a good part o their employees are also oreign...

The ED -GD -Suez case is emblematic o the way our political leaders regard business: toys in the ser ice o rhetoric. The State would do better to concern itsel with better manage its own ser ices (justice, education, uni ersities, police, research...) but to inter ene in the strategies companies. I the latter are undercapitalized and that their capital is open to oreigners, it is because the rench are not encouraged to in est in shares, that we lack o pension unds and that the State is pleased to inance its de icits with borrowing, through contracts o li e insurance in euros with tax bene its. E en the remuneration o shareholders di idends is a problem in our country and shocked some policies, especially when the amount is considered too high. Howe er, there is such with re enues rom rate or real estate products. Earn money without risk is better seen that in est in companies.