One month to enter! Dassault Aviation announced yesterday entering into exclusive negotiations until 15 December with Alcatel-Lucent to purchase the 20.8% stake in Thales held by telecommunications equipment manufacturer. Established at a price of 38 euros per share offer from the manufacturer reached 1.6 billion euros. It enhances the defense, aerospace and security to 7.5 billion euros. 25% better than the close of Monday evening. The operation - if it concludes - provide a welcome contribution of money for Alcatel-Lucent, whose action has finished yesterday haussede 4.79%. She put together Dassault in a strong position in the landscape of Defense. With the endorsement total and full of the Elysee. Yesterday's announcement is the culmination of months of game go. Sensing that the difficulties of the telecommunications market would push Alcatel-Lucent to shed its participation, Dassault began to leave the wood earlier this year. In parallel, EADS reiterates its interest continues to Thales. To the point that Denis Ranque, CEO of Thales, which has always preferred a public offering, reviving the idea of a rapprochement with Safran to eliminate pretenders. The replacement this summer Serge Tchuruk by Philippe Camus as President of the Board of Alcatel-Lucent precipitated the movement. The new boss quickly decides to sell its shares in Thales. Difficult, however, to raise bids. Because for the Elysee, there is only one possible buyer. EADS was beautiful present an offer of 44 euros per share, considerably more generous than the first price advanced by Dassault, its proposal was rejected by the president. In the eyes of Nicolas Sarkozy, the choice of the manufacturer has the merit of not pose any conflict of interest, to stabilize the long-term capital Thales and ensure greater future Dassault. Unlike any solution EADS, synonymous for many electronics dismantling of the (sale of the business aviation equipment), while strengthening the role of French assets in the aerospace group. Without that Berlin would pay the price! Unthinkable, especially in the climate Franco-German current. As a result, Dassault is poised to take the place of Alcatel-Lucent as industrial reference shareholder of one of the largest suppliers of the French armies. For 20.8% of the equipment, the manufacturer plans to add the effect of 5% of Groupe Industriel Marcel Dassault (holding control of Dassault Aviation). Bringing its stake to just under 26%. A quasi-equal with the state (see below). Without exercise sole control, the manufacturer should have a significant influence on the strategy of Thales. Different views It remains to be seen for what to do. And there, opinions are divided. Serge Dassault and Charles Edelstenne, the president of the manufacturer, they acted on duty for the state? The Rafale, that the two groups are building together, is it the centerpiece of this rapprochement? "At least, Dassault can not be a shareholder worse than Alcatel was" playing there in the Department of Defense. When the 42,000 employee shareholders representing 3% stake in Thales, they have not shown opposition to a change in the capital, provided that this part of a long-term strategy and, more importantly, that it does not to dismantle the group. The fear relates primarily on the possible sale of naval activities of Thales through, inter alia, its 25% in the DCNS. But also space. Two trades known for Dassault. Finally the issue of consolidation of Europe's industrial defense. For Thales engage in discussions structuring in the future, the presence of a shareholder concerned by the matter may be - a priori - perceived positively.
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