Industrials

Siemens expands empire further with VA Tech bid

8 Nov 2004

The German engineering group s E1.4bn offer for the Austrian engineering group looks cheap. But it makes little industrial sense. It increases the group's complexity and labour costs. And Siemens should be simplifying, not increasing its sprawling empire.

Sagem workers risk squandering inheritance

3 Nov 2004

The company is owned by its employees. They deserve a premium for surrendering control. Yet they have been asked to swallow a discount. If the merger with Snecma secured their jobs, they might tolerate this. But a longterm threat still looms over their employment.

Philips running to stay in place

12 Oct 2004

The Dutch conglomerate s management have stated that this year is going to be one of the better years . But the company doesn't have much to show for a decade of restructuring. Operating margins at 4% are no higher than they were 10 years ago.

How exceptional are Thomson’s charges?

11 Feb 2004

The French electronics company has taken exceptional charges against income for four years in a row. Nearly a third of operating income has been eaten up by these write offs and the charges look set to continue.

Philips’ chip division profits already priced in

10 Feb 2004

The Dutch electronics conglomerate's chip division moved into the black after nearly three years of losses. But the market has already priced a semiconductor boom and more into Philips stock.

Hagemeyer capitulates to rescue rights issue

9 Dec 2003

The Dutch business services group s dire creditworthiness was exacerbating its problems by prompting an exodus of customers. After months of shillyshallying, its lenders are now backing a rescue rights issue a solution that was available all along.

Nokia’s new structure may conceal its true costs

8 Dec 2003

The Finnish company s rejig will emphasise the cash generated by its phones. That could be a step to greater transparency. But its newlycreated multimedia and enterprise divisions could equally serve as a dumping ground to flatter its mobile phone results.

Mobile phone makers set for jolly Christmas

5 Dec 2003

But a postholiday hangover may be just around the bend as phone component suppliers report panic orders . Siemens and Motorola are struggling to keep up with handset demand.

Philips writes off TV jv for E800m

3 Dec 2003

The Dutch conglomerate is taking a surprise writedown on its TV joint venture only 2 years after its establishment. Shortening product cycles and ferocious price competition have claimed another victim in electronics.

GE to float $10bn insurance unit

19 Nov 2003

On its own merits, the deal makes sense: the IPO market is buoyant for financial services, and Genworth's growth dilutes the parent's. But it also suggests the big challenge for GE is not just delivering growth, it's about slowly breaking up the conglomerate.

French government sells remaining Thomson stake

4 Nov 2003

The action is certainly well timed, with shares in the electronics company up 20% over the past week. This looks like a privatisation that has gone done well in the market unlike the Italian government's sale of Enel shares.

Thomson lowers profit forecast

13 Jun 2003

The French consumer electronics manufacturer is belatedly restructuring its US television business. Thomson seems to have lost something with the exit of Thierry Breton. But is that style or substance?

Alcatel amends terms of E1bn convertible

3 Jun 2003

The French group apparently sold the original deal to banks. It must explain why it did not hold them to any guarantees. The revised terms are still great for Alcatel. But the company has tested the limits of investors enthusiasm.

Philips quiet on outlook

11 Feb 2003

The Dutch IT conglomerate is managing its balance sheet expertly. But it is still coping with price pressure rather than anticipating a cyclical recovery.

Monti’s mounting mergers mess

22 Oct 2002

What the doctor ordered

15 Oct 2002

Un-pallet-able

28 Aug 2002

Mergermarket: Legrand finale

4 Jun 2002

Le grand mess

22 May 2002

Shareholder Valeo

25 Apr 2002