Alstom, the last crusade Cromme
Pillar of the Franco-German relationship, the Chairman of the Supervisory Board of Siemens, Gerhard Cromme confirms imminent bid for Alstom. And claims to have the full support of Berlin.
Prim, tanned complexion and verb courteous Cromme seat in his chair like a monarch on his throne. He handles the verb in French and German, with the ease of an aristocrat and displays an unshakable serenity. And yet, this godfather of Deutschland AG, a pillar of the Franco-German relationship, prepares to deliver one of his most personal battles. A seventy-one years, this could be his last, which engrave his name in the history books. Monday, Siemens, where he chairs the supervisory board, file an offer on Alstom, probably with Japan's Mitsubishi Heavy Industries (MHI) industrial. Gerhard Cromme refuses to talk about in detail, but leaves no doubt about his determination. Even though some continue to doubt the real motivation of Siemens in this case ...
The German giant does not start in the lead. After months of discreet discussions with Alstom, its rival General Electric announced an offer in late April. "Given our business plan, prepared a long time, it was important for us to respond, should Cromme. We consulted with governments in Paris and we decided to get our turn. "Without any guarantee of success. For Patrick Kron, the CEO of Alstom, the American giant is the only one able to save his group affected by a drop in orders and hemorrhaging cash. Siemens is instead his worst enemy, he accuses backstage shots Filthy against his company.
It must be said that the two groups have a history loaded. When Alstom was on the verge of bankruptcy in 2003, Siemens has tried to hand him over. In vain. The CEO at the time, Heinrich von Pierer was then struck voluntarism of Nicolas Sarkozy, then Interior Minister of Finance, who made him his private visit but defended the independence of unambiguously Alstom against German appetites. Each side of the Rhine, the gaping wound remains. The German group, which sold its shares in the nuclear supplier Areva NP in 2011, feels like a jilted lover in France. For its part, Alstom suspect he wanted to torpedo his rescue.
Gerhard Cromme does not want to return to this time, which precedes his arrival at Siemens. But he believes today clearly have better cards. "Our project is based on an alliance, not a simple purchase against cash, he said. We feel that the government [in Paris, Ed] y are sensitive. "Berlin also follows the case favorably:" Naturally, the German government supports us. They are informed, they say "go!" "If successful, Alstom recover a large part of Siemens rail operations, which would remain a minority shareholder of the "European champion". For its part, the German giant would hand over power equipment of the French group, he valued in May from 10.5 to 11 billion euros. MHI and the Japanese would have to resume some activities.
Francophile German boss
In the current state, the farm offers GE may seem clear: the American mastodon offers to buy Alstom energy activities 12,350,000,000 euros "It will take a lot of effort and professionalism. Alstom's share of council to make a comparison of the two offers, "admits close to Siemens. But one thing is certain: "Between the two solutions, the fact you can do a Franco-German construction is more and Gerhard Cromme, which is the Apostle of the Franco-German relationship, it would definitely win "says Gérard Mestrallet, the boss of GDF Suez, who sits on the supervisory board of Siemens.
To the applicant, an alliance between Siemens and Alstom would indeed Europe's response to industrial challenges of the twenty-first century. "There are almost no energy resources in Europe, he said. If we release further not under European control product manufacturing and technology used in energy, we will be tomorrow as dependent in this area that we already are today in the face of U.S. Internet giants like Google, Amazon or Apple. This can not be in our interest, we, Europeans, have industrial champions who hold their own in global competition. "
This philosophy, he explained the end of April at the Elysee Palace the President of the Republic, accompanied by Joe Kaeser, chief executive of Siemens, and Christophe de Maistre, who heads the French subsidiary. A familiar place for Cromme, who was made a Commander of the Legion of Honor in 2002 by Jacques Chirac. Immediately after his election in May 2012, François Hollande invited several French and German bosses. Right in his boots, the Chairman of Siemens then recommended to do as Gerhard Schröder, the chancellor who led the reforms of Agenda 2010 for Germany out of the rut.
This amazing for a foreign boss influence, he must first his intimate understanding of France, where he studied (he was studying economics at the Sorbonne during May 1968). But also his friendship with Jean-Louis Beffa, he knew at Saint-Gobain at the beginning of his career. At Pont-à-Mousson, the children of both families circulated between their neighboring houses. At a time when the chair boss was coveted by both men Cromme withdrew to avoid a conflict. "Friendship stops when it leaves personal competing interests," he says. The German was then called Krupp, the French become boss of Saint-Gobain.
"In addition to making a successful career, this is the most Francophile German boss, much more than the average German employers," said him Jean-Louis Beffa, Honorary President of Saint-Gobain. Together, the two men embody the Franco-German couple, animating the Rencontres d'Evian, who meet annually economic and political gratin of both countries, and multiplying their advice to those in power - whatever the political color. They thus produce two reports, one for Jacques Chirac and Gerhard Schröder in 2003, and one for Francois Hollande and Angela Merkel last year. The latter offers just creating European industrial champions ...
Krupp, Gerhard Cromme will be distinguished by its radical methods: closing the largest blast furnace in Europe at Reinhausen, winning an arm of the trade union and political iron; forced recovery neighbor Dortmund, Hoesch and that of Düsseldorf, Thyssen, whose resistance will fizzle. This OPA hostile, unprecedented in the hushed world of Rhine capitalism, the fact that "he is considered one that completely disrupted the ways of being of German capitalism," says Gérard Mestrallet. The person does not hide his pride today. "If I had not restructured its time, the German steel industry no longer exists. "
End of chapter ThyssenKrupp
Eye Wink history, the Alstom file returns Cromme saddle while his star had faded across the Rhine. It has been criticized in the past to knock heads to save his. At ThyssenKrupp, he chaired the supervisory board of an iron hand, half of the Executive Board was fired amid stories of corruption and abysmal losses related to investments in the United States and Brazil. But a few months later, "Mr. Corporate Governance" in which the government has given a mission on corporate governance is, in turn, pushed out at ThyssenKrupp. Supreme humiliation Bertold Beitz, the patriarch of the Krupp foundation, while steelmaker shareholder at 25%, then relinquish entrust the reins of his empire Cromme, he considered far as his spiritual heir.
"I have not lived my departure from ThyssenKrupp as a personal tragedy," one that puts many believed destroyed after such disappointment. The passage in the Essen group has many reported him, but "what matters is not to look back, but always moving forward." The death of Bertold Beitz last July to ninety-nine years, will finally close the chapter ThyssenKrupp without resolving problems steelmaker.
Some will then take advantage of the supposed weakness of Cromme to try to oust him from his chair at Siemens. Leader of the rebellion: Josef Ackermann, the former boss of Deutsche Bank, who sits also on the board of conglomerate Munich and dream to take the presidency. Delivered through the media, and coupled with an open between the CEO, Peter Löscher and CFO Joe Kaeser rivalry, fighting threatens to destabilize the company. To the point that Chancellor Angela Merkel whistle the end of the party requesting a return "in the calm waters." The outcome of the battle is a masterstroke of Cromme, forcing Peter Löscher to the exit by accusing him of not having achieved its financial objectives, Joe Kaeser installed in its place with the blessing of the powerful IG Metall union, which gets back the head of the personnel director. Josef Ackermann will resign from the board a few weeks later.
With hindsight, Gerhard Cromme says without bitterness. "In my life, I have conducted hundreds of battles, I won almost all, he said. You can not win every time. "The question is how the battle will end Alstom ..