The FCDE makes long-term investments, strengthens and consolidates shareholders of the firms it finances, stabilises its management process, and eases relations with its banking partners.
The FCDE's offer for Thomson Video Networks recognises the company's market leadership, long history of innovation, technology expertise, impressive product portfolio and the high quality of its personnel.
The FCDE's management style is based on close collaboration with the management team of each company it invests in, to guarantee a stable foundation as an independent entity and to ensure strong, steady and continued growth.
"The FCDE is an excellent partner for us, with a management team that possesses the knowledge we require to excel as an independent structure and a clear, consistent track record in building up independent companies.
Two differences, however, are worth mentioning: (1) the reduced significance of FCDE in the ROA model, where the t-statistic drops from 10.5 to 1.64, and (2) the stronger negative association between bank size and profitability (t = -2.34).
VARIABLE SPREAD GDPGROWTH-1 TBILLS/ ASSETS SPREAD 1.00 GDPGROWTH-1 0.57 (b) 1.0 TBILLS / ASSETS -0.07 0.08 1.0 FCDE / ASSETS 0.14 (b) -0.07 -0.34 (b) LNASSETS -0.32 (b) -0.26 (b) 0.24 (b) FOREIGN -0.05 -0.05 -0.34 (b) EMPLOYEE / ASSETS 0.43 (b) 0.23b 0.034 OFFBALANCE / ASSETS 0.013 0.065 -0.20 (b) VARIABLE FCDE / LNASSETS FOREIGN ASSETS SPREAD GDPGROWTH-1 TBILLS / ASSETS FCDE / ASSETS 1.0 LNASSETS 0.21 (b) 1.0 FOREIGN 0.29 (b) 0.06 1.0 EMPLOYEE / ASSETS -0.21 (b) -0.57 (b) -0.18 (b) OFFBALANCE / ASSETS 0.11 (b) 0.097 0.234 (b) VARIABLE EMPLOYEE / OFFBALANCE / ASSETS ASSETS SPREAD GDPGROWTH-1 TBILLS / ASSETS FCDE / ASSETS LNASSETS FOREIGN EMPLOYEE / ASSETS 1.0 OFFBALANCE / ASSETS -0.153 (b) 1.0 (a) Correlation is significant at the 0.05 level (2-tailed).
Revenues amounted to some EUR61m (USD84.3m) in 2009.Country: , FranceSector: TelecommunicationsTarget: Thomson Video NetworksBuyer: Fonds de Consolidation et de Developpement des Entreprises (FCDE
)Vendor: Technicolor SAType: Corporate acquisitionStatus: Bidding