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Posted: 3/23/2006 3:05:03 AM EDT
It's the end… the end of the dream, money talks and co-operation walks…
 ANdyTo the barricades Mar 2nd 2006 | PARIS From The Economist print edition  A wave of cross-border mergers in Europe provokes a nationalist backlash “IT IS again time to stop the countries of the European Union from erecting national barriers,” warned Giulio Tremonti, the Italian finance minister. “If not, we will risk an August 1914 effect... with, at the end, a war that no one wanted.” Roberto Maroni, another member of the Italian cabinet, was more defeatist: “Europe is dead,” he said, urging Silvio Berlusconi, the Italian prime minister, to do for his country's textile industry what Dominique de Villepin, his French counterpart, has done for France's energy companies. In a hastily arranged meeting over the weekend at the prime minister's mansion with the chief executives of Suez, a formerly state-owned water and power company, and Gaz de France (GDF), the state-controlled gas giant, Mr de Villepin had told the two bosses to merge their companies. The deal—which would create an energy giant with annual sales of €64 billion ($76 billion) and more than 200m customers on four continents—has been under discussion for more than a year. But Mr de Villepin had considered it politically unfeasible. He changed his mind to pre-empt a hostile bid for Suez by Enel, the biggest Italian electricity firm. Mr de Villepin denies that he is trying to rebuff the Italians. But, oddly enough, his announcement of the proposed merger came a few days after the boss of Enel had made noises about his interest in Suez, or in Electrabel, a Belgian electricity company owned by Suez. The Italians took the French rejection badly: Italy's industry minister cancelled a meeting on February 27th with his French counterpart. Mr Berlusconi called on the European Union (EU) to intervene against what he regards as blatant protectionism. But Mr de Villepin is unabashed. On March 1st he announced plans to make big French companies harder to take over, by increasing the shareholdings controlled by the state. The French furore is part of a disturbing pattern. The Spanish government is taking defensive measures of its own, to try to prevent E.ON, a German energy company, from taking over Endesa of Spain. Like the French, it would prefer to create a national champion from a domestic merger. Nor, despite Mr Berlusconi's protestations, are the Italians innocent of this sort of behaviour: they recently entertained the rest of the world with the soap opera featuring attempts by the governor of the Bank of Italy to prevent foreigners from buying two mid-sized Italian banks. And in Poland the government is trying to block a banking merger driven by foreigners. An optimistic interpretation is that all this fuss is, in fact, a sign of the success of European corporate restructuring. A European merger wave has been gathering momentum since last year, when firms came out of a period of tough restructuring. Strong corporate profits in 2004 encouraged companies to make acquisitions—particularly since credit was cheap and plentiful. By the end of 2005 the value of European deals that year had reached almost €1 trillion, a volume not seen since the technology bubble of 2000. The mergers are also the fruit of the many legal moves taken by the European Union to create a single market. Firms have started to develop Europe-wide ambitions, especially in three fragmented industries—telecoms, banking and energy. A few biggish cross-border takeovers such as Suez's acquisition of Electrabel passed by without much controversy. But as cross-border takeovers have become more common, so they have begun to affect companies governments regard as the crown jewels of their economy. Moreover, this has come just as a new and more defensive political mood has taken hold of the French establishment, following the rejection of the EU's draft constitution in a referendum last May. In the aftermath of the referendum defeat, the French establishment talked itself into a state of advanced paranoia because of rumours of a bid for Danone, a French food firm, by PepsiCo, an American one. It produced a list of 11 “strategic sectors” it thinks should enjoy legal protection from foreign takeover. At the end of January the French government was surprised by Mittal Steel's hostile bid for Arcelor, a steelmaker with 30,000 employees in France. Then came E.ON's bid for Endesa, which pushed Enel to think about its own cross-border takeover plans—and so created the momentum for the Suez-GDF merger. Will politicians really be able to turn back the tide of mergers? The French government can do little directly to prevent the Arcelor takeover, since it is neither a shareholder nor regulator of the firm, and steel is not on its recently published list of protected sectors. In any case on February 28th the European Commission in Brussels—which enforces EU law—started to scrutinise France's “security” justification for protecting its 11 sectors. The commission will also be concerned by the increasing number of countries, including Luxembourg where Arcelor is based, that are making it easier to use “poison pill” defences against foreign takeovers. EU officials have also warned the Spanish government against using its “golden shares” to shield Endesa from foreign bidders. A clash between the Spanish government and the commission seems inevitable anyway, after the Madrid authorities overhauled Spain's energy regulation to give its national regulator power to block the E.ON bid. And the commission may yet intervene in the proposed marriage of Suez and GDF. A commission spokesman has fretted that France's defensive move has flouted the “spirit of the European internal market”; and the commission says the fact that Suez has less than two-thirds of its European turnover within France could give the EU competition authorities the grounds to intervene. Some pessimists now see attempts to undermine the single market as a graver threat to the EU than last year's constitutional crisis. Most bankers and analysts are more sanguine. The consensus is that today's backlash will turn out to be the last thrashings of an old order and that it cannot stop further global mergers—increasingly involving Chinese, Indian and Russian firms. The logic for cross-border mergers in Europe may be compelling. But—as some politicians discovered in 1914—economic rationalism is sometimes swamped by atavistic nationalism. http://www.economist.com/business/displaystory.cfm?story_id=5578849 |
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Posted: 3/23/2006 3:12:13 AM EDT
[#1]
  <sarcasm>Who'd have though. The EU brought undone by French protectionsim. I'm shocked, simply shocked!</sarcasm> It might be a bit premiture to dance on the corpse, but this certainly is a good sign that it might all be over sooner than expected. |
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Posted: 3/23/2006 3:18:53 AM EDT
[#2]
tag for later
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Posted: 3/23/2006 3:19:02 AM EDT
[#3]
... Berlisconi
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Posted: 3/23/2006 3:27:03 AM EDT
[#4]
Doesn't sound dead to me. Hurt, but not dead.
Did I miss something? 
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Posted: 3/23/2006 3:38:26 AM EDT
[#5]
The whole EU thing is based around a 'common market' of free trade etc. Imagine if Texas passed a law banning Virginia owning or buying stock in Texan companies… USA PLC would not work, same with Europe. A 'Union' which has protectionist laws against it's own members is what the French have created. |
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Posted: 3/23/2006 3:49:55 AM EDT
[#6]
I thought this was gonna be a Bird Flu update. |
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Posted: 3/23/2006 4:04:10 AM EDT
[#7]
I was thinking more like islam finally won. 
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Posted: 3/23/2006 4:19:43 AM EDT
[#8]
Well it seems to me what happened was France and Germany were like "ya everyone join the EU it's cool", but then blocked off their own borders to their neighbor's economies. They wanted all the benefits from the EU but to get all the other smaller nations to pay for it. |
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Posted: 3/23/2006 10:41:10 AM EDT
[#9]
Bump for the day walkers…
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Posted: 3/23/2006 10:43:21 AM EDT
[#10]
I though Deutchland would be the first to try and break out of the EU
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Posted: 3/23/2006 10:48:44 AM EDT
[#11]
I think you mean take it over. 
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Posted: 3/23/2006 10:50:46 AM EDT
[#12]
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Posted: 3/23/2006 10:51:43 AM EDT
[#13]
Nah, France and their Napoleon syndrome already kneecapped the EU now we just need Britain to pull out and put a bullet in the head officially. |
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Posted: 3/23/2006 10:58:22 AM EDT
[#14]
I thought Europe was a dung-heap.
 (ref: George Washington's final presidential speech) |
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Posted: 3/23/2006 11:01:26 AM EDT
[#15]
Sweet !!! 
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Posted: 3/23/2006 11:06:46 AM EDT
[#16]
True, but it's nothing new. Germany, as an example, was doing that for the last 40 years: they wanted everyone else to buy their goods but didn't want to buy anything from others. I'm sure France was doing the same, but I knew for certain about Germany. This atitude made the EU's problems predictable after one overcame the "Gee, maybe they solved that!" The next problem will be to maintain the strength of the currency. Unlike popular belief, the Euro isn't backed any better than the Dollar (perhaps less) by tangibles; the Euro is based on the agreements and resulting financial ratios to be maintained by the various member countries. Consider, the Euro is true fiat currency, based on the ability of countries to maintain debt ratios, amongst others. There are "allowances" for "emergencies" for the members to deviate from their agreed ratios; these have been overused and still are. It can only go so far, and the treaty gets broken beyond repair. They have less flexibility than we do. Keep up the unemployment, and the debt skyrockets. Doesn't take more than first semester Economics. Combine the issue raised by the thread, and there is a compounding effect - shades of "Smoot-Hawley." |
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Posted: 3/23/2006 11:10:57 AM EDT
[#17]
Tag
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Posted: 3/23/2006 11:12:06 AM EDT
[#18]
 Am I the only guy to click on your link? That was hilarious! I wonder if Berlusconi got in trouble for that bit of sexual pantomime. |
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Posted: 3/23/2006 11:12:28 AM EDT
[#19]
Le Roi est mort. Vive le Roi!
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Posted: 3/23/2006 11:13:28 AM EDT
[#20]
All these countries that are beginning to peg their currencies to the Euro are in for a bad time. The Euro is not and never will be as stable as the dollar.
Sometimes political moves bite you on the ass. |
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Posted: 3/23/2006 11:18:28 AM EDT
[#21]
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Posted: 3/23/2006 11:22:10 AM EDT
[#22]
Vito
This time the USA is not going to liberate France from the Germans. If you blokes decide to sail over to Dunkirk for some Vichyssoise you’re on your own! Oh and you better fill in that big hole you dug too before the French start walking over to surrender and then you will have to feed the whole lot of them! Rich V |
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Posted: 3/23/2006 11:28:03 AM EDT
[#23]
The issue is nationalism. If you are going to have a free trade, common currency federation, then the nation state as it was previously known in that region must cease to exist in order for it to work. Ours works because we as a nation of United States, had common cause and purpose through and following our revolution. This was bolstered when we whooped those traitorous rebels in the 1860s. As a result, the average American does not see themselves primarily as a resident of their particular state, but rather as an American with common cause and purpose with other Americans. We have generally a common language, culture and currency. We shop at similar stores for similar goods with similar tastes in foods with regional differences being very very minor in nature. I can eat Asian, French, Italian cuisine not only in the same city, but often in the same establishment. This is not considered odd or abnormal here. I could buy a Remington made in NY or an Ithaca made in Ohio and as far as I'm concerned I own an American shotgun with no loyalty to individual states attatched.
About the only thing we as Americans attatch that sort of loyalty to is our hometown sports teams. A person living in the US can travel from one end of the continent to the other and never have the need to speak a language other than English. For these reasons, our nation works. That is why we are UNITED. As long as Europe tries to comport themselves as seperate entities without a unifying federal government, the concept of nationalism will always and probably rightly so in their case, get in the way. |
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Posted: 3/23/2006 11:29:44 AM EDT
[#24]
Vito, Vito, Vito. Emigrate. Move here. Your kids are going to be forced to convert to Islam in 25 years or less. C'mon over and make your last stand here, with us.
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Posted: 3/23/2006 11:30:52 AM EDT
[#25]
And I thought it was teh zombies... 
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Posted: 3/23/2006 11:42:01 AM EDT
[#26]
WHATEVER, There was a post here just the other day that said you were going to get a constitution whether you wanted it or not!  
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Posted: 3/23/2006 12:20:53 PM EDT
[#27]
The problems of the Europe are DOUBLE STANDARDS.
If anyone remember Orwell' s "Animal Farms" the initial statement of the animals' rebellion was: "Animals are all egual" (I never read the original book in English, I am translating from the Italian version...). Then the pigs, when they rise to power, modified a little the statement: "Animals are all egual, but pigs are more egual than others...". Well: EU nations were created with equal rights and duties, but still now there are some of them that are thinking they are more egual than others. Some examples: - Germans created Maastrict rules fearing Italians will not respect financial parameters to be in the Euro area. Then, when they infringed the parameters (their debits are more than 3% of the Internal Gross Product...) they asked to change the rules. - Brits are accessing Eu funds always much more than their contributions. - French asked to fine Italy because requirements to supply Italian Forest Department with helicopter were favouring Agusta-Westland, owned by italian shares, products and not also "other countries" helicopter. They have the face like their ass: when was the last time ANY french department adopted an Italian/British/American helicopter since Aerospatiale exists? - Italian and Spanish language were canceled as official languages. Now documents are in English, GERMAN AND FRENCH only... Should I continue? EU could be a good thing, to counterbalance China and also the most powerful nation in the World: USA. But Europeans have small minds: figure out if Texas or Wyoming were doing only their particular interests damaging the rest of the States of the Union (shit... you MUST GIVE UP CALIFORNIA!!!)? Demential, if you want to keep toghether USA as a powerful nation! But this is what is happening: all the govt. are thinking NOT as European making interests of he European people, but only as German, French, British (uh. no British are NOT European... at ALL...), Italians, Spanish, Dutch and so no. They are so busy to fuck each other that in this orgy our govt. are not seeing the advance of the Great Enemy from East... China will swallow us in one big bite. I was writing an article about Glock 17, days ago. One thing that hit me was that Glock didn' t join the XM9 trials because didn' t want to give up te secret of his pistol frame in exchange of some immediate profit: if somebody wants his guns they must know that the technology is made in austria and WILL REMAIN IN AUSTRIA. Our EU industrials are selling out our technology to get NOW some profit, but Chinese are not stupid: once they learned they will cut any profit to the EU entrepreneur and start to sell a copy (some time and always more often of good quality) at lower price. We, in EU, have no minds for long term policy. I apologize for the long post. |
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Posted: 3/23/2006 12:25:04 PM EDT
[#28]
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Posted: 3/23/2006 12:38:44 PM EDT
[#29]
I don't know what that means, but it sure is funny.
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Posted: 3/24/2006 5:33:34 AM EDT
[#30]
It's maybe an unhappy translation of italian slang expression :"Avere la faccia come il culo". "To have a face like the ass" portrays people able to lie without shame on their faces. |
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Posted: 3/24/2006 5:44:06 AM EDT
[#31]
I thought the universal word for that was POLITICIAN! |
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Posted: 3/24/2006 5:53:52 AM EDT
[#32]
It would translate better as… (He) has a face like an arse Similar to the English expression often used about politicians, 'That guy talks out of his arse' |
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Posted: 3/24/2006 5:56:07 AM EDT
[#33]
Didn't you notice that politicians have always a groove in the middle of their faces???  |
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Posted: 3/24/2006 6:00:18 AM EDT
[#34]
Politicians are the same everywhere in the world! Vito, I heard that maybe the absurd, antilibertarian handguns ban in UK will be canceled. Are there rumours true or nothing is moving? In a gun review in Italy appeared a letter of an Italian living in London for decades (I guess he has also double citizenship) that not only handguns have been banned, but also inert replicas! When this madness will end? |
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Posted: 3/24/2006 6:16:27 AM EDT
[#35]
This site is keeping an eye on the pistol ban, but I'm not hopeful of it being overturned. I think the best we can hope for is ISU .22 pistols for registered competitive shooters being restored… www.resurrectthesport.net/ Yes, you are right, they are going to ban all 'realistic relica firearms' with the Violent Crime Reduction Bill… utter insanity… From April I can buy another REAL AR15 but not an AIRSOFT one which will be illegal to buy  Will the madness ever end? Maybe not… check out the insane ranting on this gun control site… http://www.gun-control-network.org/GCN02.htm |
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Posted: 3/24/2006 6:32:29 AM EDT
[#36]
Read. This people should be banned, not guns...  |
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Posted: 3/24/2006 6:36:22 AM EDT
[#37]
Those are the actual people who got the government to ban handguns…
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Posted: 3/24/2006 6:56:19 AM EDT
[#38]
Andy, do you mean that if Tony Bliar and the Labour would be knocked off from the seat of power, gun ownership would be restored in UK? I remember that after Dumblane was Major govt. to start it all... Another thing: I spend a lot of time buying books about AR15: I am one of those few folks in Italy that are becaming EXPERTS about this gun. Reading one book, by Joe Poyer, I saw that there is a british firm, Parker Hale, that is producing a PERFECT replica of M16A2 but in .22 LR. Is this replica legal in UK or not? |
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Posted: 3/24/2006 7:17:50 AM EDT
[#39]
We are sposed to be a Republic, but somehow the sheeple keep forgetting. As for the traitorous rebels - those states that were opressed still alow their residents to own guns.
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Posted: 3/24/2006 8:07:03 AM EDT
[#40]
The end of the EU will be cinched when some ordinary citizen of one of the member countries assassinates a politician from France, Germany, or Great Britain in Brussels.
Pray for Godspeed. |
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Posted: 3/24/2006 8:42:53 AM EDT
[#41]
Gee, the French only liking the EU when it gives them an advantage? Color me shocked.
I'm gonna go read Larry Bond's Cauldron again. |
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Posted: 3/24/2006 8:46:47 AM EDT
[#42]
Really looks good for them Arabs putting their petro money in the Euro dont it?
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Posted: 3/24/2006 8:48:13 AM EDT
[#43]
centuries of bad blood are not cured by a few decades of cooperation.
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Posted: 3/24/2006 8:54:40 AM EDT
[#44]
They did, on that side. Im waiting for the islam riots stateside, gonna be a lot of noise. |
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Posted: 3/24/2006 9:11:52 AM EDT
[#45]
Maybe Maybe Not.  |
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Posted: 3/24/2006 9:13:49 AM EDT
[#46]
1914 all over again? You may be right. |
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Posted: 3/24/2006 9:15:25 AM EDT
[#47]
tag for later
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Posted: 3/24/2006 9:17:56 AM EDT
[#48]
I personaly find the whole thing hilarious. I can' t believe the European politicians actually thought the French would play fairly when it comes to business. Their heads are up their collective arse.
When it comes to business, the French are the most protectionist unethical country in the world and have been all my lifetime. Sorry I'd finish this post but its bread and wine time.
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Posted: 3/24/2006 10:03:36 AM EDT
[#49]
No gun is legal in UK. You can still do Competition Shooting but you have to keep your gun at the range, not at home. Even gun collectors who had special permit are all gone. The last one, G.I. Sturgess, who owned quite amazing collection of rare guns packed his stuff earlier this year and left for european mainland. He didnt want his collection confiscated under some lame excuse and then get some pathetic compensation for it. Of course there has been a massive increase in violent crime since they banned guns. I'm glad i dont live there. As for European Union, it has never been a good idea. European peoples have never been found of it, its purely the "baby" of european economic and political elite. For realistic views on EU, i suggest you all take a look at this website: http://www.brusselsjournal.com/ |
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Posted: 3/24/2006 10:17:04 AM EDT
[#50]
Sounds like 1914?
More like the 1930's with protectionism shutting down borders. I was just in Italy and they were trying to save their auto industry by restricting imports from the rest of Europe. Meanwhile America just keeps signing more free trade treaties. |
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