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Les fusions-acquisitions ont bondi de 29 % en Europe, tandis qu'elles ont reculé aux Etats-Unis au premier semestre.

Ce rebond européen s'explique par l'offensive des grands groupes français hors de l'Hexagone.

L'Europe regagne son rang dans les fusions-acquisitions mondiales face aux Etats-Unis. Et ce retour en force tient en grande partie à la dynamique des grands groupes français. Le M&A dans la zone a progressé de 29 % au premier semestre, à 440,5 milliards de dollars, dans le sillage du rapprochement d' Essilor et de Luxottica, d' Abertis et d' Atlantia, du rachat de Zodiac par Safran ou encore de l'acquisition de Berendsen par Elis. Par contraste, aux Etats-Unis, les six premiers mois du mandat de Donald Trump se sont conclus sur un recul de 17 % des fusions-acquisitions (558,6 milliards de dollars), selon Thomson Reuters. Il s'agit du plus bas niveau d'activité constaté dans le pays depuis quatre ans. Ainsi, après des années d'atonie, le poids de l'Europe s'est accru (28 % du M&A mondial contre 20 % sur l'année 2016), alors même qu'elle traversait une zone de turbulences avec le déclenchement du Brexit et les incertitudes liées aux élections en France et aux Pays-Bas.

La France, moteur de la reprise européenne

La faiblesse des coûts de financement, la bonne tenue des marchés et la quête de croissance ont déterminé les grands groupes européens à passer à l'offensive avant que ces indicateurs ne se dégradent. « Le risque d'attentisme lié aux échéances électorales ne s'est pas matérialisé. Les grands groupes sont très actifs et étudient de multiples scénarios pour continuer à croître, souligne Cyril de Mont Marin, associé-gérant chez Rothschild, qui a pris la tête du classement en France. Par contraste, relève Guillaume Molinier, associé-gérant chez Lazard, « les projets de réforme de Donald Trump interrogent. Et le Brexit a rendu l'Europe continentale plus attractive, en particulier auprès des investisseurs étrangers, qui se trouvent confortés par le résultat des élections récentes ». La France a été le moteur de cette reprise européenne, alors que la Grande-Bretagne a vu son rayonnement faiblir. Les transactions impliquant une entreprise française ont bondi de 44 % sur le semestre (128,1 milliards de dollars), sous l'effet des acquisitions transfrontalières, dont les volumes ont franchi un plus haut en dix ans. Les rachats de cibles françaises se sont accrues de 17,2 %, marquant le début d'une vague de consolidation domestique et traduisant un regain d'attractivité aux yeux des investisseurs étrangers.

La zone européenne enregistre ainsi, au premier semestre, un une reconquête dans les fusionsacquisitions mondiales après dix ans de baisse des volumes. En 2007, les grands groupes signaient en effet autant d'acquisitions en Europe qu'aux Etats-Unis. Mais avec la crise, cette dynamique s'était complètement essoufflée... au point que l'Europe se laissait distancer par l'Asie pour la première fois en 2015. Les cartes sont désormais rebattues.

Canal+ veut pouvoir diffuser les films 6 mois après leur sortie en salles, affirme son directeur général Maxime Saada dans le JDD, un changement de la chronologie des médias jugé nécessaire pour affronter les plateformes Netflix et Amazon.

Canal+ veut une révision de la chronologie de la diffusion des films

Confrontée à une hémorragie d'abonnés en France et à la concurrence croissante de Netflix et Amazon, Canal+ veut pouvoir diffuser les films 6 mois après leur sortie en salles, contre 10 aujourd'hui, affirme son directeur général. "Au moment où les Netflix et Amazon prennent des positions dominantes, cette mesure nous paraîtrait un geste fort", déclare Maxime Saada dans un entretien au Journal du dimanche (JDD), en évoquant ses attentes vis-à-vis du nouveau gouvernement. Cette modification de la chronologie des médias ramènerait "le délai actuel de diffusion des films sur Canal+ de dix mois à six mois après leur sortie en salles", précise-t-il.

Le groupe Canal+ veut également "que les acteurs vertueux du PAF (paysage audiovisuel français) qui paient leurs impôts en France, qui respectent les quotas, bénéficient d'avancées notables", ajoute son dirigeant. "Et que les moins vertueux (c'est-à-dire les Netflix, Youtube, SFR...) en soient écartés. Au nom de l'équité", réclame M. Saada.

La filiale de Vivendi réclame en outre un dispositif législatif "efficace" contre le piratage en France, à l'instar de ceux adoptés par l'Allemagne et le Portugal, où "chaque fraudeur identifié est mis à l'amende".

Canal+, qui depuis l'arrivée de BeIN Sports en 2012 perdait "plusieurs centaines de milliers d'abonnés par an en France métropolitaine", "se redresse" désormais grâce à de nouvelles offres et aux partenariats noués avec les opérateurs Orange et Free. Ces derniers "se traduisent, à eux seuls, par quelque 3 millions de nouveaux abonnés sur les 6 derniers mois", indique M. Saada.

Cette transformation du modèle de Canal+, associée à un plan d'économies de 350 millions d'euros sur trois ans et à une "accélération du développement à l'international", doit permettre à la filiale de Vivendi de "passer de 5 à 10 millions d'abonnés en France métropolitaine". Canal+, qui compte 7 millions d'abonnés à l'international, dont 3 en Afrique, a aussi l'intention de lancer une offre en Birmanie dans les prochains mois.

Interrogé sur la sanction - trois semaines sans publicité - infligée par le CSA à l'animateur de la chaîne C8 Cyril Hanouna pour "atteinte au respect de la personne humaine" et "sexisme", M. Saada affirme : "Je considère l'ampleur du procès qu'on nous fait injuste, et la sanction extravagante par rapport aux autres acteurs du marché"

Dans une interview au Journal du Dimanche, le directeur général de Canal +, Maxime Saada, fait le point sur les projets de la chaîne à la fin d’une saison mouvementée. Première urgence, la reconquête des abonnés en France. Grâce aux accords noués avec les opérateurs, Maxime Saada revendique " 3 millions de nouveaux abonnés sur les six derniers mois", l’objectif étant de 5 à 10 millions d’abonnés dans l’hexagone. L’une des pistes pour y parvenir est de raccourcir le temps entre lequel un film sort au cinéma et celui où il peut passer à la télé. Un délai qui est actuellement de 10 mois. Maxime Saada explique que la chaîne souhaite le ramener à 6 mois. " Au moment où les Netflix et Amazon prennent des positions dominantes, cette mesure nous paraîtrait un geste fort " explique-t-il au JDD. La relance de Canal + passe aussi par la refonte des programmes. Ainsi le Petit Journal dont les audiences se sont effondrées deviendra hebdomadaire. Quant au Grand Journal, enterré le 3 mars dernier après treize ans à l’antenne, il sera remplacé par une « session d’information quotidienne » présentée par Yves Calvi. Enfin, Maxime Saada est revenu sur Cyril Hanouna. L’animateur star de C8, durement sanctionné par le CSA après plusieurs dérapages, est l’un des piliers du Canal + de Vincent Bolloré. "Je considère […] la sanction [3 semaines sans pub, N.D.L.R.] comme extravagante par rapport aux autres acteurs du marché" estime le directeur général de Canal +.

Power in Europe speaks with a German accent. With the UK at the exit door of the EU and France still economically weak Germany is uncomfortably dominant. The latest example of this is the plan for the new Nord Stream 2 pipeline which will bring natural gas from Russia across the Baltic to the North German coast and then onwards to Central and Western Europe.

The question is how Germany will use its power.

13 EU member states have protested against the Nord Stream project, saying it will divert trade and transit revenues away from them and increase European dependence on Russian gas for decades to come. The protesting states want the European Commission to take control of negotiations of the project away from Germany and to set gas trade in the context of the Energy Union – a concept agreed in 2014 but never implemented.

The Energy Union was designed to diversify sources of supply and build pan European infrastructure in the interests of security of supply. Most of the 13 are former members of the Soviet bloc and remain overwhelmingly dependent on Russia for supplies of both gas and electricity provided through grids built in the Comecon era.

In the words of the former Polish Prime Minister Jerzy Buzek, now Chair of the Industry Committee of the European Parliament, Nord Stream 2 and the Energy Union cannot coexist.

At the same time the US Senate, by a majority of 97 to 2 agreed three weeks ago to impose sanctions on companies involved in funding Russian export pipeline projects – the latest in a series of steps designed to use Russian economic interests as leverage over Kremlin policy on Ukraine.

In Berlin the official line is that Nord Stream 2 is just a straightforward commercial venture in which neither the EU or the US should interfere. The $10bn project not only cements the sensitive relationship between Germany and Russia but also establishes Germany as an entrepot in the European gas market, replacing the declining gas production from the Dutch and British sectors of the North Sea.

Seen from Russia the logic of Nord Stream 2 is clear.

The country remains dependent on oil and gas revenue which provided, even with low prices, almost half of its total export revenues in 2016. With the oil price beyond control, Russia has every incentive to maximise its revenue from gas sales and to maintain its share of the European gas market by whatever means.

From a European perspective the benefits are far less clear.

If built Nord Stream 2 will entrench Russian dominance of the European market. Russia currently supplies 34 per cent of European gas. With Nord Stream 2 that will rise perhaps to more than 40 per cent. The project destroys the concept of diversifying supplies.

There are numerous potential sources of supply, some of which could have provided much needed revenue to Europe’s neighbours across the Mediterranean such as Algeria and Libya where stabilisation through economic development is necessary to halt the flow of refugees.

With Nord Stream 2 in place Russia will be able to divert gas trade away from Ukraine, reducing the country’s income from transit fees and making Ukraine ever more dependent on EU subsidies. Even if a short term offer is made to cushion the impact of Nord Stream 2 on Ukraine, the longer term threat will remain.

Of course, Germany has the power to push aside the objections of the smaller European states. Berlin can impose any decision it wants on Brussels. But to press ahead and force the project through would have consequences.

The latest results from the fascinating Pew study of international opinion show that Germany is regarded as having too much power in Europe already – particularly in Southern Europe where Mrs Merkel is blamed for imposing unending austerity.

In Germany itself Nord Stream 2 is seen as the creation of the Social Democratic party – and in particular the former German Chancellor Gerhard Schröder who just happens to be the chairman of the project. Mrs Merkel would lose little by allowing the project to stall and would win respect in the serious parts of the US administration and Congress who are looking for support against Russian behaviour in Ukraine and Syria and alleged Russian interference in the US election.

A political solution would be to allow Nord Stream 2 to fall into the hands of the European Commission lawyers who could find good reasons for not proceeding – many of them set out in some excellent recent articles by Professor Alan Riley.

The gas would not be missed.

Indigenous supplies are certainly declining but demand for gas is also falling – 12.5% down across the EU over the last decade according to the latest BP Statistical Review. Surging renewable supplies could push gas demand down further in the future. With a global gas glut European importers could sign long term deals with suppliers from around the world.

Nord Stream 2 is anything but a simple commercial project. What happens next matters for Russia and for the US. But most significant of all is what is what the decision on Nord Stream 2 will tell us about how Germany intends to handle its economic and political dominance of Europe.

The Triclosan was patented in 1964 by the Swiss company Ciba-Geigy, which produced Triclosan until 2007, with Novartis.

In 2008, BASF acquired the business and manufactured triclosan under the trade name of Irgasan DP3001

--> Could Impact BASF today

FT Article

Scientists have found new evidence of a link between a common kind of household disinfectant and resistance to antibiotics.

Researchers have discovered a connection between a major mechanism of antibiotic resistance and the disinfectant triclosan, which is often found in domestic products such as toothpaste and make-up.

The study, which was carried out at the Institute of Microbiology and Infection at the University of Birmingham, in collaboration with The Quadram Institute and John Innes Centre based at Norwich Research Park, was published on Monday in the Journal of Antimicrobial Chemotherapy.

The World Health Organization last year described antimicrobial resistance as “an increasingly serious threat to global public health that requires action across all government sectors and society”.

The latest research found bacteria that mutated to become resistant to quinolone antibiotics — an important class of human medicines — also became more resistant to triclosan.

Dr Mark Webber, from the Quadram Institute and honorary senior lecturer at the University of Birmingham, said it appeared bacteria were tricked into thinking they were always under attack, and were then primed to deal with other threats including triclosan.

“The worry is that this might happen in reverse and triclosan exposure might encourage growth of antibiotic resistant strains,” he said.

The researchers said there had been a surge in the last decade in the marketing of products labelled as “antimicrobial”, despite a lack of evidence that they are superior to traditional cleaning products, such as bleach or soap and water.

Triclosan in particular has caused concerns, and its use in hygiene products, such as hand, skin and body washes, is now banned across the EU and the US.

Last week, more than 200 scientists and doctors signed a statement, published in the Environmental Health Perspectives journal, warning of the “hazards of and lack of demonstrated benefit from common uses of triclosan”.

Prof Laura Piddock of the University of Birmingham, said the link between quinolone and triclosan resistance found in the latest research was important because “triclosan has become ubiquitous in the environment and even human tissues in the last 20 years”.

Given its prevalence, there needed to be a better understanding of the link with antibiotic resistance, she suggested.

“Not all household disinfectants select for bacteria that are antibiotic resistant, but it seems that triclosan does,” said Prof Jodi Lindsay of the Institute of Infection and Immunity at St George’s, University of London. “We should consider limiting the use of these products.”

Dr Kim Hardie, associate professor in molecular microbiology at the University of Nottingham, suggested that the research’s relevance to more “real life” situations needed to be investigated further.

“The study highlights how more information is required to make an informed decision about changing daily practice at home and in hospitals in the UK in line with other countries that have already banned triclosan,” she said.

What is apparently happening here at the Denmark based provider of payment services, is that after some three years of holding onto their investment, joint owners Bain Capital and Advent International are looking for an exit. Nets is the dominant payments company in the Nordic.

The key here is that the IPO in September last year was at DKK 150 and the shares are under water. With people like Blackrock also shareholders and not in the habit of losing money, the ideal scenario would be for a take out of 30% above the float price pointing us towards DKK 190.

Nevertheless, given that the payments sector is a hot one, and occupied by giants like Apple Pay, and Paypal, we are looking at a situation where not only is Nets hot property. City of London advisers are apparently already acting on behalf of potential bidding companies. Consolidation in the sector is overdue, if only on a geographical basis for the Nordic region. Also, margins are tight and therefore acquisition is a key route to growth. This is of actually something which Nets itself has been doing – hoovering up smaller players.

As far as the timing of any deal for Nets is concerned, we may be able to gauge by the active trading going on in the stock currently, amongst the professionals. Yesterday’s buzz in volume and price was even on a poor day for the stock market. Such antics would not be happening if there was not at least a certain amount of urgency.

A target of DKK 190 plus can be envisaged here over the near term – a 30% premium to IPO. Those looking for a technical trigger point (and those sceptical of the story) probably do not need more than a daily close above DKK 132, perhaps even DKK 130.