Consider Renault vote against the FranceSignal is thus running as downward pressure to about 1Hyperactivity applauded in both hands across the AlpsI begin my tour Editor's note with the exhibitOscar on October 1The retirement home an economic barometerA television campaign is also on the menuMichel Camdessus told a conversation with MrsThe future of Christian Streiff is in any case issueOur customers don't pay not only for a vehicleIt has also unscrewed against the yen losing 1O tempora! O mores! The German Government, once very reluctant to the idea of foreign capital to invite to the capital of the jewels of the national economy, appears to have seriously revised his judgment. To the extent that the visit of Karl-Theodor zu Guttenberg, in the Gulf, from 9 to 11 may, going for a call to the fairly direct foot of the Minister of economy, in the direction of sovereign wealth funds in the region. An incentive to follow the example of the Fund Aabar of Abu Dhabi, which comes from a 9.1 stake in the capital of the automobile manufacturer Daimler, for almost EUR 2 billion.
The magnitude of the crisis expected a decline of 6 of the GDP this year , the difficulties of a growing number of companies Schaeffler, Opel, Arcandor, employing tens of thousands of Germans , the proximity of the statutory September 27 have visibly to thinking in Berlin. And the change of attitude is operated very quickly. There is no need to go up too far in the back, indeed, to find examples of hidden protectionism. The summer of 2008, just before the outbreak of the crisis, has offered several.
At the time, the insurer Allianz decided to shed, finally, its banking boulet, Dresdner Bank. Commerzbank is interested, but a Chinese investor, China Development Bank, is also in line, ready to be paid fully in cash. The Chinese offer has however never been studied seriously. The Government wanted to create a second national champion, behind Deutsche Bank. The "Coba" took control of the Dresdner, but struggles since in such difficulties that the State had to take 25 of the new capital.
The logistics company marine Hapag-Lloyd, subsidiary of TUI, was the greed of Neptune Orient Lines, controlled by the sovereign wealth Fund Temasek Singapore. The Hamburg Senate has been to promote a German solution. It is the Albert Ballin consortium which won the last, but because of the crisis, has finally acquired that 56.7 of the capital.
It also said that Berlin has watched a benevolent look the offer of Schaeffler on Continental, happy to see the OEM of Hanover remain in known hands. The Bavarians are since bled. And then, in August 2008, the Merkel cabinet adopted a new law authorizing it to control outside Europe investments of more than 25 in a German company in "strategic". The Minister for the economy of the time was to égosiller that the Germany was still open to foreign capital, the signal was negative.
Nine months later an eternity the terms of the equation have changed radically. Investment is good to take, when 700,000 Germans are partial unemployment and employment agency posts 1.7 million additional pre-notifications.
The German Government can hope to attract a large share of investments from sovereign wealth funds. The latter, who have much invested, and lost in the American and British finance, seek to diversify their holdings. They turn to the euro area and the industry. However the Germany boasts a number of brands of any first-order. And a solid reputation. Aabar Chairman said: "when we talk about the Germany in the Gulf, talking of good business, good technology, good management." With regard to the capital of the Gulf, the Merkel Government may also rely on a strategic agreement signed in 2004 by Gerhard Schröder with United Arab Emirates.
The DAX lost 30 since August 2008, offering numerous possibilities for investment in good balance. The interests of the Fund could also be on the 50 values of the MDAX, the index of the average weight of the place of Frankfurt. But it will certainly be investments of a new type. Sovereign wealth funds could do more simply to bring capital and watching them grow, but to match the financial commitments of industrial projects. Thus, the agreement between Abu Dhabi and Daimler provides joint initiatives for the development of electric vehicles, new composite materials and "social" projects, such as the creation of a training centre, Abu Dhabi, the youth interested in pursuing a career in the automotive industry. And if some investors sought to take a greater share in major strategic decisions It is most likely face such requirements that the recent opening of the Germany would quickly find its limits.
