Eric Jacquet does however not offer of cash

IMS leaders received a surprise phone call yesterday morning. The aircraft, Eric Jacquet, first shareholder in the Group of metal trading, but also its competitor Jacquet Metals pattern. His message Polite, but firm. "We are launching today an OPA on IMS." This is precisely what this former subsidiary of Arcelor feared for a long time. And that is distributed to the war between enemy brothers of the distribution of steel.

Eight months ago, IMS leaders had reached a compromise with their turbulent shareholder. In exchange for joining the Council, Eric Jacquet had agreed not to challenge the IMS strategy and not to attempt a coup to the General Assembly to take control of the society of creeping way.

Not for cash

Today, he starts to attack, with a public offer in due form. Eric Jacquet does however not offer of cash. It offers 2 shares of his own group in exchange for 7 titles IMS. Which values its target of EUR 225 million, or 22 more than its market value Tuesday evening. By adding the debt, the amount of the transaction climbs approximately EUR 400 million.

Yvon Jacob and Jean-Yves Bouffaut, IMS patterns, are not to be swallowing without battle. Yesterday, however, the Supervisory Board met in emergency it is limited to indicate that it would take position next Tuesday.

Since this time, the part looks difficult for IMS. On paper, of course, IMS is in a position of strength: its turnover, the group is 6 times larger than his attacker! But in the stock market, the report is rather of one to two. Because IMS is not in the best shape. Last year, its turnover was divided by 2. The company should blame a loss before tax of the order of EUR 102 million, or 13 of its sales, including 24 million for the last quarter. "Then that, we're again recipient in the third quarter, as most of the companies in the sector", yesterday stressed Eric Jacquet.

Savings plan

To deal with its financial problems, the direction of IMS launched a plan to save 20 million and put on sale its German subsidiary Stappert. A project which is leap Eric Jacquet: "Stappert is a company which provides around 30 of the benefits of IMS.". Must not sell this jewel of family, but instead make the group spearheaded in stainless steel! "To the shareholders of IMS, Jacquet therefore proposes a convincing. Savings plan would be tripled, through efforts on purchases, but also to the removal of approximately 250 positions. Of the assets of approximately 90 million euros would be sold, especially of foreign subsidiaries - but not Stappert. In total, the staff of IMS would be reduced from 2,000 to about 1350 people. IMS-Jacquet Metals merger would create a set of EUR 1 billion of sales today, and 2 billion "in three to five years."

How will IMS withstand "They will have difficulty to find a White Knight, analysis Jean-Marie Messier, Council of Jacquet. With its 33, Eric Jacquet has the minority of blockage in IMS, which prevents any counter-offer securities, which would require a General Assembly. To launch a counter offer in cash, the investment fund seem little departing at this time...

Lack of outside support, IMS will therefore probably trying to make up the price. A possibility to which the pattern of Jacquet said open: "this offer, which starts in a hostile manner, does not necessarily ends like this."