Skip navigation


Current DateTime: 10:58:49 10 Nov 2009
LinksList Documentid: 27475809

Current DateTime: 10:58:50 10 Nov 2009
LinksList Documentid: 24355697
powered by digg
See all Morning Thoughts Posts
Text Size
Mar.06
2:51 AM ET
Thursday, 6 Mar 2008
Credit Agricole: When No Means Maybe

Worse results than expected Wednesday morning from Credit Agricole, but that didn't deter buyers. Within hours of getting the news investors were happy to bid the stock up.

Admittedly, the financials were broadly firmer on the Ambac reports, but that doesn't tell the whole story. The stock has fallen more than 30 percent this year and lately the market has wrestled with concerns about a bid for parts of Socgen.

Analysts have kicked around speculation of a "French banking solution" for weeks. Broadly they haven't liked the idea of a BNP and Agricole carve up at a time when capital preservation is the dominant strategy.

Investors were cheered to hear the company talk down the likelihood of any major acquisitions. Organic growth is the operative phrase. Did that rule out SocGen units?

Er, not quite. This is France remember, where even yogurt is considered a strategic matter.

In subsequent conversation with our reporter the message appeared to have been finessed. No major acquisitions, but we reserve the right to have a look at any move on SocGen from another party.

So can investors take the no acquisition story to the bank? Well, yes. Or perhaps that should be maybe. This is a French bank after all.

Your feedback always welcome - here.

© 2008 CNBC.com

Tools:
PrintEmailAdd This share icon
Next Post
  • digg share

CNBC HIGHLIGHTS

  • Vote and suggest your own, and remember--there's a fine line between a hero and a zero.
  • If you are lucky enough to have money and the time, this is a great time to see America, says CNBC's Jane Wells.
  • What’s powering your microwave, fridge and computer? Part of it is fuel from Russian nuclear weapons. The NYT reports.
  • Mickey Mouse
  • One author sees lessons for you in Disney’s recent Makeover of Mickey Mouse: “Nice” doesn’t always win.
  • With 123 years of history, slogans and commercials, Coca-Cola is the most recognized brand on earth.
  • The opening of a virtual pet store in “World of Warcraft” could prove a cash bonanza for Activision-Blizzard.
ADD COMMENTS
Remaining characters


Current DateTime: 02:47:39 10 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:04:20 10 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 04:56:52 10 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:02:20 10 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters