The Accor Group will split into two

Nothing will ever be. Directors of Accor approved on Tuesday a proposed split of the group that plans to separate one side hotel, other services (including Ticket Restaurant). The decision was taken unanimously with a vote, the Strategic Investment Fund (ISF). Accor's second largest shareholder with 7.4% of capital, "sovereign wealth fund to the French" had opposed the project, or at least its timing. In our columns, Gilles Michel, CEO of FSI, had deemed "risky". However, it has joined any of the six independent directors on the board (of twelve). A setback for the fledgling fund in the battle that played out behind the scenes.

Accor cut in half, it was the wish expressed long ago by the fund Colony and the investment company Eurazeo, bound by a pact and initial shareholders with about 30% of capital.They say the best way to value the group ending the discount for holding that penalizes the share price. Gilles Pelisson, Accor's CEO, agreed with their opinion in recent months. He will lead the hotel industry (Accor Hospitality). The new entity combining the services will be headed by Jacques Stern. The deputy director general in charge of piloting the project finance division to completion.

"The split does isno job cuts'

An extraordinary general meeting will be convened no earlier than late June to endorse the project to be implemented before the end of 2010. "I said before the group walked on two legs better, but I always said that the subject was not taboo and it would look on a regular basis, was justified Gilles Pelisson, explaining that two looms Accor had profoundly transformed in recent years.He believes that now is in their interest that they become "pure players". "The central scenario, with the final terms will be decided in the coming months, is a split with two listed companies, a detailed Gilles Pelisson. Accor to action today, you have an action Accor Hospitality and action Accor Services. "

On the job – a concern of the unions – he assured that "the division does not create job cuts as there are no synergies between the two professions.

Eurazeo and Colony Capital have agreed to extend to shares of two companies that will arise from the splitting of the provisions of shareholders agreement between them since May 2008 until May 4, 2013. They also extend within the pact until 1 January 2012 the commitment to retain their shares in Accor and entity services.Conversely, the ISP finds his freedom of action vis-à-vis participation inherited from the Deposit.

Studies conducted by management have shown a separation of two Accor would enable it to "accelerate" the development of both trades. Emphasizing the lack of synergy between hospitality and services that evolve "in environments increasingly different," the work of the board have concluded that once separated these two businesses, "with their own business model, attract a greater number of investors. " According to Sebastien Valentin, an analyst at Societe Generale, services should represent 14% of sales this year of Accor, but two-thirds of operating profit."This poses a problem of balance, because culturally Accor remains primarily a hotel company," says he.

Without the hotel, receive services at 100% of the cash they emerge to finance their development. As for the hotel, without the cushion of safety that brought him the services it should expedite the sale of walls.

For the ISP, a division of Accor is too risky

Thales launches a broad economic plan

Thales wants to become more efficient. In a statement released Friday, the electronics group announced a savings plan that should result in a productivity gain of 1.3 billion euros over 5 years. In exchange, the news was very well received by investors. The title jumped 4.6% to 34.36 euros.

This plan consists of three parts. The first is a reduction in costs of non-quality and improved customer satisfaction. The second provides for more effective processes for engineering, industrial and procurement, while increasing the efficiency of information systems. The last aims to reduce operating costs. The statement does not indicate any reduction in workforce.

Organizational change and leadership

The organization of the group will be structured around three main areas and 7 divisions in charge instead of 6, worldwide.Management will also be affected by the changes since it provided a renewal of the team. For now, the group does not specify which leaders are concerned. According to Voices, this would be Olivier Houssin (responsible for division services and security), Quentin (aeronautics), Marc Darmon (naval) and Richard Deakin (Air Systems).

Thales has this plan to improve profitability, affected by the crisis in air traffic, the budget constraints of state and the weak dollar against the euro. In November, the group reported a stable turnover in nine months. In the first half, operating margin was 1.2% emerged as against 6.6% a year earlier at the same time.

A report recommends upgrading a minimum of SMIC

While the government prepares to decide the amount of the revaluation of the SMIC, the expert group meeting in May as part of the reform of the minimum wage has submitted its report Friday to Labor Minister Xavier Darcos. In line with that of June, the five economists unanimously pronounced against a higher minimum wage set to date to 1331 euro gross for a full-time – above the legal minimum, that is to say an equivalent increase half of the purchasing power of average hourly wage recorded by the Department of Labor revealed Monday morning Voices.

Paul Champsaur, Chairman of the Panel, also chairman of the authority of official statistics, justifying this recommendation will "not undermine the economic and financial firms in an economic context remains fragile.An analysis that comes to support from the government, which had refused such an increase in the draft finance law for 2010.

Other devices for more effective fight against poverty

In line with recent studies by the OECD on the fight against poverty, Paul Champsaur, Martine Durand, deputy director of employment in the OECD, Gilbert Cette, chief economist of the Bank of France, Francis Kramarz Director of the Center for Research in Economics and Statistics (CREST) and Etienne Wasmer, professor at Sciences Po, highlight the most effective policies to support labor income, such as RSA or the earned income tax.The latter "have contributed very significantly to the increase in purchasing power of wages paid the minimum wage over the last ten years" noted experts who will decide accordingly to a "prudent management of SMIC articulated in a Master of labor costs and an appropriate policy to support the labor income of poor families.

The government decision that will affect some 2.6 million people currently receiving the minimum wage is expected next December 15.

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