Already in production and marketing of agricultural products, metals, minerals and oil, Glencore seeks to expand its activities in the food, he identified as a growth area.

The Swiss-based group is engaged in another parallel operation to seize the mining group Xstrata for $ 41 billion. 

Offering Glencore on Viterra, 16.25 Canadian dollars per share, was approved unanimously by the Board of Directors of the Canadian group. It complies with current recorded these days by Viterra but it represents a premium of 48% over its closing price on March 8, the day during which the group said he UNPAID ; u expressions of interest.

Shareholders holding 16.5% stake in Viterra, including Alberta Investment Management, the main one, have already given their support to the operation.

If Viterra finally came to accept an offer by another buyer, or if its board of directors withdrew or modified its recommendation, it should pay compensation of 185 million Canadian dollars.

Glencore did not intend to hold within it the entire acquisition. 

Agrium is already scheduled to resume most activities of agricultural products retail Viterra, especially the 34% stake in Canadian Fertilizer, for which he will donate a , 8 billion Canadian dollars to Glencore.

Richardson will take over on its side 23% of the grain handling business and certain assets Viterra processing in North America for $ 800 million.

"The acquisition of Viterra reflects our strong confidence in the importance and future potential in the grain markets in Canada and Australia," said Chris Mahoney, director of product division Agricultural Glencore.

In Paris, around 9:35, the CAC 40 gained 0.54% to 3,460 points. In London, the FTSE advance of 0.33% and Frankfurt, the DAX is 0.64%.

However, the gains could be limited, due to persistent concerns over the fate of Greece, which Standard & Poor's Monday lowered the sovereign credit rating to SD (default selective).

German lawmakers approved Monday by a large majority the last bailout of Greece, despite pressure on Chancellor Angela Merkel that Germany cease to pay money in a "bottomless pit". Analysts say the vote could undermine Merkel, however politically, making it harder still a green light from Berlin to the strengthening of emergency funds in the euro area.

Banks are among the highest increases sectoral European sector index gaining 0.6%. Deutsche Bank and BNP Paribas 1.8% gain.

The action PSA earns 8% and signs the largest increase in the CAC 40, the French manufacturer pursuing advanced talks with General Motors as part of their proposed strategic alliance in Europe.

Casino earns 1.6% after announcing a sharp increase in its annual results, driven by a contribution from emerging countries, which more than offset the decline in performance in France.

TomTom gives up nearly 18%, the specialist Dutch navigational instruments having unveiled a 76% drop in net profit in the fourth quarter and said it expects that the decline in sales will continue this year.

Bunds are stable, close to their highest level in five weeks. German paper demand is indeed supported by Berlin's reluctance to strengthen relief funds in the euro area.

The euro climbed to 1.3450 dollars more, despite the new Greek downgrade by S & P, the latter being widely expected by markets. The single currency earnings still waiting for an abundant liquidity from the ECB.

As for the yen, which has registered the day before a nine-month low against the dollar, it is taken in favor of large purchases of month-end from Japanese exporters. But the Japanese currency is poised to record on the month's decline most marked over two years and traders expect it remains under pressure.

Oil prices continued their decline after a sharp rise the previous week, but lingering fears surrounding the Iranian offer to limit gross losses. Brent crude is trading around $ 123, that of U.S. crude around $ 108.

This aspiration may seem ambitious for a group whose time some investors doubted the chances of survival and that has cleared its first profits than last year, five years after the merger of its two entities.

Although he admits that all the targets were not achieved, Ben Verwaayen suggests that the company has turned a corner after three years of restructuring designed to make a business group "normal".

"Did we talk to our customers on the question of our future? No. On one of our financial future? No. It's over, "he said in an interview with Reuters

. Even if he fails any forecast figures beyond 2012, the leader, of Dutch origin and former boss of BT operators, spares no ambitions for Alcatel-Lucent ….

….. "We see some of our colleagues in the industry achieve double digit returns," said Ben Verwaayen …….

.. "By definition, it is therefore in the art of the possible (…) Between where we are today and these figures, there is a road we must travel in the coming years. "

The march will be high to cross yet

. Alcatel-Lucent

generated an operating margin of 3.9% last year, compared to 11.6% while Sweden's Ericsson China's Huawei has reached the figure of 15.8% in 2010. 

The Franco-American group said a target margin improvement this year, but without providing any numerical target, so it set a horizon of 5 to 9% % in terms of margin in its three-year recovery.

"That was before the crisis, said Ben Verwaayen. What is the art of the possible for the sector given the changing conditions and competitive environment is slightly different in 2012 than it was in 2009. " According

industry experts, telecom operators could tighten the purse strings this year as the de gradation of the economy at the expense of telecom equipment

. STILL A WAY TO DO …….

. In this difficult context, the group has to work extra hard to complete its turnaround plan that was originally scheduled to expire at the end of 2011

. At the end

it was set to become a business "normal" – growing, profitable and generates cash – Alcatel-Lucent is in fact also a way to go

. "We have almost reached all our goals. We do our best to make sure it is completed by the end of 2012, "assured Ben Verwaayen, who gave up the granting of stock options and performance shares for 2012 ….

….. "I had the feeling of not completing the contract, he said. The share price was heckled during the year and I thought it was the right decision. "

. ……. Led by Ben Verwaayen, the group has made significant progress in overcoming weaknesses in the mobile with its product offering in the 4G enabled him to win major contracts in the U.S., with AT & T and Verizon in particular

. It also cut its costs to the extent of one billion euros in order to lower its equilibrium level, notably by hiring a rationalization of its product portfolio. 

These developments were greeted with the stock market euphoria during the first part of 2011, before the cold shower of third quarter results which showed a high consumption of liquidity , reviving concerns about its cash and dropping the title.

In the fourth quarter, the group partly reassured by stopping the bleeding of its cash, which caused a surge this time of the action Alcatel.

"The response was overwhelming as every time," said Ben Verwaayen. "I think this demonstrates that the market is still nervous about us."

Finally, the action Alcatel has lost 44.6% of its value in 2011, signing one of the worst performances of the CAC 40 index.

The group in 2012 will rely on the proceeds of the sale of its Genesys nugget for $ 1.5 billion (945 million) as well as a license agreement designed to monetize its patent portfolio .

"We will be more robust in 2012," predicts Ben Verwaayen, the group expects a high level of positive net cash at the end of this year.

The German steelmaker reported a loss before interest and tax (EBIT) of 357 million euros over the period October-December, after a profit 273 million a year earlier.

Revenues decreased 2% to 11.37 billion euros while orders were stable at 11.26 billion.

Analysts polled by Reuters had expected an EBIT of 92.3 million euros and sales of 10.34 billion euros. 

The company said it saw encouraging signs for the volumes and prices in the second half, while adding that he can not make forecasts for the full year due to uncertainties about the economy economic.

The Marine Systems, which manufactures submarines, spent a provision of € 116 billion for its activity in civil shipyards which he sold to the end of last year the investment fund Star Capital.

The action ThyssenKrupp was down nearly 3% at 10:30 GMT after taking 2% over the last six months, during which its smaller rival Salzgitter has gained 23% and ArcelorMittal, the world number one, took 13%. 

ThyssenKrupp trades at 13.5 times its expected results on the next 12 months, reflecting a slight discount to Salzgitter (14.3) but a premium on ArcelorMittal ( 10.7).

Since the opening of the "season" of results, 352 companies in the S & P 500 have published their accounts and only 63% beat the consensus of Wall Street. The percentage was the lowest since the fourth quarter of 2008. The proportion was around 70% on average over the last four quarters.

Despite the result in half-tone, the S & P 500 was up about 7% since the beginning of the year and it did not record that in the weeks ahead for the Except this week, closed on a 0.2% decline.

The index has lost 0.7% Friday, its biggest percentage loss since the beginning of the year, the latest news on the Greek front having ended a series of five weeks of gains.

"The demand for risky assets is strong. There is a current regular buyer on the market and the money continues to turn," said Brian Lazorishak (Chase Investment Counsel).

"It seems that the market ignores the poor results of 2011 and anticipates a promising 2012 season … For investors, this is a kind of green light to risky assets "

. Next week, 51 companies in the S & P must publish their accounts. growth rate of the S & P results for the fourth quarter of 2011 is now 8.9%, according to Thomson Reuters I / B / E / S. But it excludes Apple, rate falls to 5.8%

. Even if the stock market is driven by an upward trend, this is not why its volatility will fall. The CBOE volatility index has surged almost 12% to 20.79 after peaking at 21.98 Friday

.

"The sharp increase in the VIX, especially in the last hour, suggesting that there are serious concerns vis-à-vis the debt crisis in Europe and traders seeking opportunities to hedge their exposure to the stock market as we approach the weekend, "wrote one analyst. "If these buyers of volatility are right, Monday is likely to be terrible."

Futures on the VIX also had upward shifts very important. The February contract, which only two trading days, gained 12.5% ​​to 22.50 before closing at 21.75.

The week ahead at last count several economic indicators to follow, housing starts, price indices of wholesale and retail among others.

A special board is scheduled Monday morning and is expected to endorse the departure of Pierre-Henri Gourgeon, blamed for the results considered bad and bad relations with the President of the Board Jean-Cyril Spinetta.

This move was expected. "I think the end of this suspense but it is close to the company itself to decide," said Transportation Minister Thierry Mariani Wednesday, describing the arrival of Alexander Juniac of "true-false suspense ".

The French state owns 16% stake in the airline.

The Bank of France reiterated Monday its forecast of growth of 0.1% of the French economy in the third quarter, based on the results of its latest monthly business survey.

In September, "industrial activity has remained stable, the contraction in the automotive and manufacturing equipment was offset by the increase observed in the food industry and some sectors of production of consumer goods" said she.

The Bank of France said that the forecasts of business leaders expect a continuation of the stability of industrial activity in the coming months. Services could, in turn, suffer from a slowdown in activity.

Thursday, INSEE had indicated anticipate GDP growth of 0.3% for the third quarter, a more optimistic prediction than the Bank of France.But the institute expects a stagnation in activity over the last three months of the year highlighting the sharp deterioration in the economic climate in the euro area during the summer.

The indicator of business climate in France has lost eight points between July and September to $ 97 in its long-term average of 100.

INSEE also announced Monday that industrial production rose by 0.5% in August while economists polled by Reuters on average expected a contraction of 1%.

"It's always good to take.PMI surveys suggest already predict a decline in output, which shows that this sector should not escape the impact of slower global growth and lower domestic demand against a background of escalating crisis debt in the euro area ", says Joost Beaumont, economist at ABN Amro.

Markit PMI surveys among purchasing managers have shown last week a contraction of manufacturing and for services, the lowest growth for two years.

The only support activity at year end could then once again to come from household consumption, unless the sovereign debt crisis incentive for consumers to save more.

According to Insee, the saving rate of French households has reached 17% in the second quarter, its highest level since the third quarter of 2009.

The Dow Jones Industrial 30 yielded 2.49%, or 283.82 points at 11,124.84. The S & P-500, wider, lost 35.33 points, or 2.94%, to 1166.76.The Nasdaq Composite fell on its side of 52.05 points (-2.01%) to 2538.19.

As expected, the Fed announced it would buy Treasury bonds maturing long to bring down interest rates in the long term, but especially the phrase "significant downside risks weighing on the economic outlook" that caught the attention of market participants.

"This comment on the prospects – and I do not, moreover, why it is a surprise – was an attachment point for market participants," said Stephen Massoc, managing director at Wedbush Morgan.

The Fed will buy, by the end of June 2012, 400 billion of Treasury bonds with maturities ranging from six to 30 years.During this period, it will give an equivalent amount of bonds maturing in three years and under.

This action, to put pressure on interest rates in the long run is similar to that conducted in the 60's and so called "Operation Twist".

Stressing that economic growth would remain weak, the Federal Reserve that kept interest rates at between 0% and 0.25%, confirmed that these rates remain exceptionally low until mid-2013.

The index values ​​involving transportation, considered a measure of economic health, has plunged 5.27%.

The fund bank also sensitive to economic conditions, was also affected by the decision of Moody's downgrade of Bank of America, Wells Fargo and Citigroup on the ground that the Federal government may be reluctant to rush to the aid of large banking institutions difficulty.

The title of Bank of America fell 7.5% to 6.38 dollars, that of Wells Fargo 3.9% to 23.71 dollars and action Citigroup lost 5.2% to 25.52 dollars, the index KBW banking shares fell 5.5%.

The technology sector was one of the few in the green, the action Hewlett-Packard gaining 6.6% to 23.96 dollars after a source said the board planned to replace the CEO Leo Apotheker after less than a year of service.

Oracle has gained 4.2% to 29.54 dollars after reporting quarterly forecasts Tuesday night than expected.

The latter, designed to hide 37 billion euros to its debt stock requires approval by 90% of private sector investors, said Athens to other cities in an official letter.

Greece had previously made this level a goal and not a condition.This threshold applies to the bondholders holding the paper maturing in 2014 and 2020.

"If these thresholds (or either) are not met, Greece will go no further on any part of the transaction whatsoever," the Greek government.

Greece, however, has left some leeway, saying it would withdraw from the case if the proportion of participants did not meet investors its international partners such as the European Union and the International Monetary Fund (IMF).

This would occur if "she realized, in consultation with public authorities, that the total contribution of private sector creditors (…) was insufficient to allow public authorities to support the new multi-year adjustment program."

"It's a tactical maneuver. She wants to put pressure on private investors to participate," said an executive of a Greek bank.He said the threshold of 90% is ambitious and believes that the transaction will in any case, even if not achieved.

The Greek banking sector plunged 7.24% to 1300 GMT in Athens Stock Exchange.

"Not bad DELAY"

The Institute of International Finance (IIF), which coordinates the bank discussions, said Thursday that 60% to 70% of bondholders had expressed their intention to participate in the plan.

They may be more numerous, he said, once a proposal has made formal.

The European Commission said in turn suggests that private investors are involved enough to sustain the bailout program.

A Parisian banker noted, however, the collateral argument made by Greece to Finland in exchange for loans may complicate the matter.

Helsinki does not give this guarantee and its finance minister said Friday Jutta Urpilainen that the country would be irresponsible if they waive this requirement.

"I feel that there has been a lot of delay in the finalization of the methodology and the implementation of this plan," said the banker."There are big problems also contributors to the final device, given what is happening in Finland, Austria and other countries, and its ratification.

Greece wants to join the plan investors hold around 135 billion euros of debt on the 150 billion that will mature by 2020.

He was asked investors to indicate their interest, non-binding to participate in the exchange of obligations by September 9, said bankers.After that, a formal proposal will be formulated and binding, probably in early October, they added.

The idea of ​​involving the private sector in a second bailout of Greece comes from a political anxious to save the taxpayer a part of this new financial burden. This idea would mean a loss of 21% for bondholders.