An entry in the State for approximately EUR 1

The idea put forward by the Government of Merkel to allow the Germany to maintain its influence in EADS and to participation, to the germano-américain constructor DaimlerChrysler decided to sell 7.5 of the shares it holds in the capital of the European consortium is not unanimous. The Federal Minister for the economy, Michael Glos, and pronounces against this "mini-nationalisation", stating inter alia that "it would make more difficult the recovery of the European aircraft manufacturer. Thomas Enders, the co-Chairman of EADS, is also opposed the operation which could be done through the public bank KfW, with the financial contribution of several local authorities. Denouncing "the hysteria in Germany", he said in an interview published Saturday in the Austrian "Die Presse newspaper" that there is "no reason" to one such entry in the capital, adding expected "nothing good of State interests".

It would in any case from the strategy pursued in recent years by the economic power of the European Union. Believing that public authorities have no say in the conduct of business and in need of money to try to rebalance public finances, the Federal State has been a trend lately to rid of financial holdings in many sectors of activity. In the budget proposals, the "continuation of privatisation" line is still in very good place. Berlin is still shareholder of a number of enterprises or important facilities, the trend is towards disengagement. Talking and more privatization of security air and, partial, of the Deutsche Bahn, the rail company, with an introduction on the stock market may be involved as early as 2008.

To avoid a social plan

Last year, the State sold to institutional investors 11.6 of the 18.2 in the capital of Fraport Frankfurt airport platform. Supported by the JP Morgan Bank, the 6.6 should also, in term, be transferred to institutional form of exchangeable bonds to stocks. Also shareholders of groups whose head offices are located in their regions, the Länder are not nor intended to play the industrial or business leaders. Their strategy is often, as a first step, to allow a company to do not fall into the hands of a foreign group or avoid a social plan. In 2003, via his company of participations HGV, the Land of Hamburg bought 10 of the capital of Beiersdorf, so coveted by American Procter & Gamble. He put 1.1 billion in this operation. "Our mission is not to remain shareholder of the cosmetics group", more than once reiterated the Mayor Christian Democrat of the city state of Hamburg, Ole von Beust, who has never hidden these days, it was nevertheless ready to participate in the redemption of the EADS shares.

Regional banks, which are public, did not escape this movement of privatization. The HSH Nordbank, born of the merger, in 2003, regional banks, the Schleswig-Holstein and Hamburg, comes from selling 26,58 of its capital to Anglo-Saxon investors. Talking even a partial introduction on the stock market for 2009.

An entry in the State for approximately EUR 1.3 billion in capital of EADS, which now controls its Airbus subsidiary to 100 after having bought for 2.75 billion euros 20 held by the British BAE Systems, could therefore call into question probably temporarily non-intervention of the State in the conduct of business.