Look or the error! Lazard Announces re enue and results in signi icant increase in the irst hal then its name appears less and less in large mergers and acquisitions o the moment operations. And yet the year 2004 had started burst with the mega-Bank One and closer JPMorganChase Council in the United States and a ew large mandates in Europe which had compensated or the absence o the deal o the year Sano i-A entis. Nothing o the sort in 2005 with a single operation to more than 10 billion dollars in the United States: the "modest" merger o Duke Energy and Cinergy and one in Europe: the redemption o TIM by Telecom Italia. As the re enues o restructuring and asset management where Lazard shines more are much smaller than the M & A, the solution lies elsewhere. On the one hand, Bruce Wasserstein Bank seems to wonder in small deals that are perhaps more remunerati e. On the other hand, compensation partners has been updated the diet with a iew to the introduction on the stock market, by 79 o re enues in 2004 to 57 this year! But this mo ement cannot continue ore er.
Wedding o steel
Lakshmi Mittal like great marriages. A year ago, or his daughter, he had leased aux-le - icomte and ersailles to the Tuileries. Six months later, he joined his empire to the American Wilbur Ross and created the world leader in steel. A third perhaps more delicate alliance still today expected the Indian billionaire: olumes and pro itability. Since April, Mittal has certainly o ertaken o icially Arcelor as irst steelmaker in the world. But at the same time, he is losing his position o champion o the margins. Its net income did not exceed 9 o the turno er in the second quarter, almost 12 or Arcelor. And the operational result per tonne, already in sharp decline, could be ery quickly di ided by two i basic steel prices continue to all while raw materials are soaring. The re ersal o roles with Arcelor is logical, Mittal ha e always relied on large tonnages and resumption o plants in the crisis, when his ri al played the card o alue-added products. The maharajah o steel will ne ertheless ha e to act on the margins to in estors, today ery circumspect with a locked by the amily group, are, them also, at the wedding.
An ideal bride
Better to do en y as pity. Past sheep black o a German bank in a sad state, Commerzbank ound stock colors. His reco ery appears enough net that peers interested, while the test is not yet trans ormed, so that the price remains a ordable. I the capitalization o the ourth German bank won 60 in one year, it remains less than hal its le el o i e years and only 1.2 times its own unds. ormer "big" which was not yet the euro area, Commerzbank is there ore an ideal target or better banks is now acing three, our or i e times more than him. The situation o the House o rank urt is indeed to reach a large set rather than consider a marriage o equals. Groups such as BNP Paribas, Société Générale, ABN AMRO, in need o European consolidation, ha e all the inancial ad antages to pass a transaction o this size. With 800 agencies, a good customer o SMEs, a market share o 16 in the German oreign trade inancing and a strong presence in Eastern Europe, Commerzbank presents many attractions. As pro itability remains modest, the margin o progress is substantial. But a ter the takeo er o H B by Unicredit, opportunities are scarce and need the ingering to the candidate the most moti ated to con ince management to enter with him.