Word: spinetta
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...Lauvergeon, though, has kept her top spot, with recently appointed supervisor Jean-Cyril Spinetta, chairman of Air France-KLM, backing most of her positions - even if plans for a public offering of shares in Areva, something for which Lauvergeon has long lobbied, have now been dropped. "About the only thing she hasn't gotten her way on is hearing [President] Nicolas Sarkozy say 'O.K., let's float this company,' " Elias says. "Apart from that, though, we're seeing further confirmation that she's one of the best managers in the industrial world...
...need all her savvy in the months ahead. Besides getting its Finnish project back on track, Areva's biggest concern is money. The company needs about $14 billion in capital to finance its business for the next several years - and another $2.8 billion to buy Siemens' joint-venture stake. Spinetta's plan calls for the state to sell 15% of Areva to new investors. Leading potential buyers include Mitsubishi - a frequent Areva partner - and Abu Dhabi's flush sovereign wealth funds. (Read: "Abu Dhabi: An Oil Giant Dreams Green...
...French-Dutch Air France-KLM was the only bidder left in an auction that began 15 months ago when Italy's Economy Ministry put its 49.9% of the debt-saddled company on the auction block. Air France Chairman Jean-Cyril Spinetta pulled out after Alitalia union representatives arrived at the table with brand new 11th hour terms after all sides had worked for weeks on a standing framework that included layoffs of around 2,100 and the closing of Alitalia's cargo division. The talks, of course, collapsed...
...make the deal viable, considerable changes would be inevitable. Indeed, most observers feel Alitalia will require a massive overhaul, including significant job eliminations. Although the left-leaning Spinetta is no fan of job cuts (and avoided them in turning Air France around), he's not likely to propose any deal until politicians in Rome clearly signal they'll let a new owner do what's necessary to halt Alitalia's descent. "Air France has already had to battle politicians and unions to survive once. It's not going to get itself into the same situation again," says Derocles...
While Alitalia represents a final chapter in the consolidation of European flag carriers, Spinetta insists that the next big development in the sector--transatlantic deregulation--will send shock waves around the globe. The U.S. and E.U. recently agreed on a long-sought open-skies accord. "And things change considerably from there. That won't just lead to reinforced partnerships between airlines but will also encourage other open-skies treaties between the U.S. and Asia, and Asia and the E.U." In other words, the real battle of the world's skies is only starting--just as Air France can feel confident...