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The U.S. fund TPG may buy stake in Russian bank VTB
Les Echos No. 20764 of September 16, 2010 • page 31

The U.S. investment fund TPG plans to buy shares in Russian state bank VTB, second in the country in terms of assets, according to Russian daily Kommersant. The fund is in negotiations with the Russian government to acquire 10% stake in the bank, the State intends to sell before the end of the year. A meeting was held Monday with the First Deputy Prime Minister Igor Shuvalov, during which the matter was discussed. This transaction could yield between 2.4 and 3.1 billion dollars to Moscow. In early September, a representative of the Ministry of Finance said the government would sell 10% of its shares in VTB in 2010 and another 25% within three years.

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In 1998, Gemplus celebrates ten years of existence and popularity on an average growth of 35% per year. Turnover exceeded one billion euros. The company is still majority owned by the founders. All is well.

But 1998 is also the last year tax exemption for Gemplus has benefited throughout its growth in state aid, including through tax credits, research. The total amount of aid is much more than a hundred million euros.

Meanwhile, Marc Lassus, the charismatic founder and patron of Gemplus decided to move to London. No longer a French resident, Marc Lassus was forced by French law to abandon his post as CEO. Daniel Le Gall is another historical founder, who took control.

In London, Marc Lassus began working on new scenarios of development for Gemplus. His big project is to create in the South of France with a large technology center at the crown nothing less than a takeover bid for Bull. For this he needs money. Marc Lassus decide alone and against the advice of the Board to prepare the IPO of Gemplus.

Debut of Texas Pacific Group

During 1999, Marc Lassus was contacted by David Bondernman. The latter is the founder of Texas Pacific Group (TPG), a U.S. investment fund known to have bought Continental Airlines in 1993, while in receivership for 66 million dollars, having sold 700 million in 1998 to Northwest Airlines .

Between David Bonderman and Marc Lassus agreement is immediate. David Bonderman is an ace assembly tax. It is he who proposes to transfer the seat of Lassus, Gemplus in Luxembourg. The thing is common for companies whose main activity is international.

In addition to having a tax system less strong, Luxembourg provides a regulatory framework more flexible than that of France for matters relating to executive compensation. Insert new Gemplus decide between the three main shareholders: Quandt (entered in 1996 to 27% stake when it acquired by Gemplus Datacard in 1996), Marc Lassus and TPG.

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Cascade, Fusion Soft

If details of the shareholder pact are unknown, we know that David Bonderman and Marc Lassus has concluded a number of secret agreements: TPG provides 550 million euros to Gemplus, and in return receives 26% of the shares, the right to appoint the CEO and the majority of the board of directors. For his part, Marc Lassus retains the power to appoint the other members of the executive committee and a small bonus shares without a loan guarantee of $ 70 million!

6 December 1999, Gemplus Luxembourg capital of 18 million is created by Marc Lassus and Gilles Lassus, his son. On February 18, 2000, GPT begins to pay the money promised to Gemplus Luxembourg by making transit Zenzus holding company based in Gibraltar. Payments will continue until September 2000 and will amount to 558 million euros. It only remains to merge the parent company of French law with the new Luxembourg company, and voila: the activities of Gemplus International will not be taxed in France.

It is from Zenzus that the loan will be issued by Marc Lassus, as well as the new CEO, Antonio Perez, who arrived in June with his former team, HP. Interest gibraltaise structure is simple: in French law, both men would face prison.

A year to the day after the creation of the holding company in Luxembourg, Luxembourg Gemplus carries a dual IPO: in Paris and Nasdaq. She brings 90 million euros into the coffers of Gemplus and 336 million euros to former shareholders who have the opportunity to sell a few of their actions. Bingo for the Quandt family, which collects 148 million euros.

With this money, plus EUR 558 million raised from TPG, Gemplus is ready to become the jewel of the high-tech industrial French. The turnover for 2000 is 1.2 billion euros and Gemplus employs 7,800 people in 18 countries worldwide. The coup de Marc Lassus and David Bonderman was very successful.

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Return of capital and diversions

A week later, employees of Gemplus learn that their company has bought ODS, a small market player based in the former East Germany, against 36 million DM, excluding debt. The total cost of the transaction exceeds 50 million. Surprise, Gemplus teams had already considered the ODS twice to lead each time to the same conclusion: the ODS file is not good.

The explanation came soon after. ODS is majority owned by Landis & Gyr, a manufacturer of handsets in public places, itself 95% owned by TPG. Formally, this operation was to prevent a competitor of Schlumberger on the German market. In private, Marc Lassus said it was part of the pact with David Bonderman.

From 2001, the market for smart card is deteriorating, and Gemplus will experience his first loss (-100 million euros). Another problem: the management of Antonio Perez is questioned. In addition, the advantages granted by Gemplus to new American leaders are spreading rumors of misuse of corporate assets.

The crisis erupted in January 2001 when Marc Lassus TPG accuses of having betrayed him. Little by little, the French executives are aware of the new shareholder's strategy and began to fear that the company is dismantled.

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The end of Antonio Perez

Antonio Perez makes the study a draft fetching patent in the United States. Moving the headquarters to San Diego (Calfifornie) is also considered. Faced with protests, Antonio Perez proposes to relocate the Finance Department. He also sells on this point and eventually fall back on the draft fetching patents. "We understood that the patent was the only thing that interested them, and they got scared," said Jean-Marc Giry, communications director and chief strategy officer until July 2001.

The string is a little big. The French intelligence services are avoided, and a discreet call to order Bercy scuppered plans Perez.

Eric Martin, director of the Treasury, concerned about unusually high compensation of executives French. He noted that some of them have offshore accounts and receive payments occult. Corruption in order to silence the laborers responsible for TPG? Eric Martin and Jean-Pierre Delmas, number 2 of the Legal Service on the frontline and distribute notes to warn the board of what is happening.

In July, a report accounting pinpoints a number of irregularities and benefits in kind except standards of American management. The report dismantles the Luxembourg operation (according to them, it is illegal under French law), denounced the silence of the listing prospectus that does not mean the loans advanced and the astronomical expense of American leaders.

The same month, the minority shareholders of Gemplus (mainly former executives and founders) are organized within Gemact. The turf war is open. Ally Marc Lassus, Gemact led by Yann Le Gall and Daniel Lazenec will push to let go of TPG Antonio Perez and his team.

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Gemact regained power

It was done in December 2001. This leaves Gemplus has sold its shares and options at a price ranging between 3.5 and 4 euros, benefiting from an upturn during the transient. According to some, Antonio Perez will cost more than 50 million euros to Gemplus.

Ron Mackintosh, an independent director of the Board of Directors of Gemplus, takes over as interim CEO and hopes to become the permanent CEO. But in a few weeks, we discovered that Ron Mackintosh is also the founder of a company audit, diferentes, which is 41% owned by TPG. He was immediately disowned and indented, even if it remains in that position until the end of August 2002.

Last April, Gemact gets a redial and an expansion board that TPG place in a minority position with 6 seats out of 13. At the head of the board, they bring Dominique Vignon, former CEO of Framatome. Dominique Vignon is the guarantor of the French Council. His contacts with Bercy make him a bulwark against a possible transfer of Gemplus USA.

TPG wins in the end

Defassy Gilles, a vice-president of Texas Instruments, is being tipped as a possible replacement for Ron Mackintosh. He is French, has an American experience, he is young, and anything to win. Alas, a brief visit to the Texas ranch of David Bonderman led him to renounce his candidacy.

It finally, Alex Mandl, an "independent" candidate, however presented by TPG, which will carry the position. After a final symbolic gesture Marc Lassus, which gives the name of Alex Mandl as fodder for the press. The past of the latter as director of the investment fund of the CIA will not be enough to prevent the two directors of the Quandt family to vote Mandl.

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Bernard Attali at TPG (Texas Pacific Group)
21-02-2004 sovereignty and Industry in

Who can forget the Gemplus case? Some of us little people. However, obviously, great minds who decide for us in our beautiful country have obviously a very selective memory, unless, and should not exclude certain choices are made in any conscience.En 2000, the takeover by the investment fund Texas Pacific Group (TPG) of the Marseille-based company Gemplus, world leader in smart card, founded by Marc Lassus, had made a great noise. The choice of entrusting the reins to Alex Mandl, former vice chairman of AT & T, but also former director of the investment fund In-Q-Tel created by the CIA, had sparked a lively debate. Hitched to the group's restructuring, TPG had not realized, since, other investments in the French territory. This fund now run by David Bonderman has capital of over seven billion dollars of which 30 to 40% for the European market. The appointment of Bernard Attali in November to the fund board as a "country advisor for France seems to mark the TPG will resume its investment in our country.

This appointment is very timely if one looks at the evolution of the market for smart cards, strategic area in which France excels. Coincidentally, the Franco-American Schlumberger has recently decided to sell its French subsidiary Axalto, the world market for smart cards. The price is estimated between 0.8 and 1 billion. Number one, Gemplus, said he was interested. What a surprise! Note that the development of telecom in India and China, the ongoing migration to a new data encryption standard (EMV) and the explosion of the security market bodes well for the market for smart card without dynamism precedent in the years to come.

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It may also be worth noting that the number three of this market is also French, Oberthur. If Gemplus (so TPG) should get hold of Axalto, France has lost in less than three years the control of a key strategy for the future. In addition to these three "giants" (Gemplus, Axalto and Oberthur control 80% market share), a French company named ActivCard was taken in 2002 by its U.S. subsidiary in the award of a contract with the Pentagon (the acquisition of two million cards).

What we did not have the means to become leading players in the IT market (Bull confer failure), pass again. But that France leaves robbed without a technology it has created one and it has the means to maintain, "that leaves you speechless!

What comes to Attali in this mess, you say? Bernard Attali, twin brother of Jacques (dear donor lessons Mitterrand) is technocrat (fellow promotion Turgot have every incentive to weigh their decision at the next phone call from dear old Bernard), network man, former of DATAR, Senior Member of the Court of Auditors, former Vice-President for Europe at Deutsche Bank, former Chairman of Bankers Trust France and the Bank Arjil, former president of GAN and Air France, etc.. It may be useful to remember that at the time Air France (1991), it had repurchased the company UTA at a price that reviewers had found so interesting for the seller, Jerome Seydoux. Now, surprise, it turns out that even Jerome Seydoux is one of the heirs of the Schlumberger family, parent company of Axalto. So give and take?

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Also note that Bernard Attali, without anyone obviously nothing wrong track, has retained its position as Director of the Regional Development Agency Paris Ile de France. The mission of this organization is to attract to the region for foreign investors (... !!!). When you ask him about this possible conflict of interest, David Bonderman replied, "Mr. Attali so we can attract these companies to grow. Seriously, I do not know what conflict of interest could exist. The work he does for us is more of an operational nature. "Of course ...
It only remains to hope that the French government will take up this matter with a little more firmness and strategic sense in cases Gemplus or Saft ... There is hope.

If Bernard Attali even a shred of conscience, train vows to prevent her from sleeping if he had the idea of ??betrayal.

NB:
Promotion Turgot (1966-1968) of ENA includes: Emmanuel Rodocanachi (former President of Natexis Banques Populaires, Citigroup and now senior advisor to Schroder European Corporate SalomonSmithBarney) Philippe Pontet (Chairman of the Board of Directors Company management aviation interests, chairman of the supervisory board of Areva), Michel de Bonnecorse Benault of Lubières (Minister Plenipotentiary, Counsellor to the Presidency of the Republic), Paul Ronciere (Secretary General of the Sea), Olivier Fouquet (Chairman of the Finance Section of the State Council), Gerard Coste (Ambassador), Henri Vidal (Retired Ambassador), Jean-Francois Benard (Court of Auditors), Alain Lamassoure (MEP), Antoine Rufenacht (UMP mayor Le Havre), Yvon Ollivier (prefect), Philippe Lecourtier (Ambassador), Michel Besse (prefect), Pierre Breuil (prefect), Yves Mansillon (Reeve, president of the National Commission for public debate), Jean-Claude Faure (OECD) Michel Audet (Quebec Minister of Economic Development), Rene Couanau (UMP deputy mayor of Saint-Malo), Jean-Luc Lépine, Catherine Tasca (Organisation Internationale de la Francophonie) ...
Died: Claude Erignac (prefect) and Jean Drucker (CEO of M6).

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TPG, a strange shareholder

Paris - 19.07.2005. Texas Pacific Group, shareholder of Ducati is one of the investment fund America's most important and still very mysterious ...

Texas Pacific Group, shareholder of Ducati (33% stake), is an investment fund America's most important. Originally from Texas, its capital is estimated at approximately $ 7 billion, of which 30 to 40% for the European market. It is headed by David Bonderman, a mysterious Texan businessman who gives very few interviews and, like any investment fund, never reveals the identity of its partners.

He advised however, oil companies and contribute to the financing of political parties in the United States. TPG, which never takes full control of affairs in which it invests, has championed the recovery of distribution companies, airlines, luxury brand in trouble (like Ducati) and of high- technology.

Further attempts at recovery that he had lent Piaggio in 1999, TPG was noted in cases related to sensitive technologies, particularly in France. Thus, having invested in Gemplus, the world leader in smart card based near Marseilles, TPG has appointed Alex Mandl to head, a man closely linked to the CIA. In late 2003, the fund then "rake" as head of TPG in France Bernard Attali, twin brother of Jacques, technocrat, former president of GAN and Air France. What influences perspective!

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Less than $ 100 million, TPG, whose real name is Texas Pacific Group, is not interested in the transaction. For the background, which manages $ 30 billion invested in different societies, the ideal range from which he declares himself attentive spreads of 100 to 750 million. Among his key advisors: Bernard Attali, former head of Air France, in charge of overseeing France. Despite his presence, TPG has recently thrown the towel in its proposed acquisition of Alitalia. He preferred to take in combination with the bottom of Silver Lake Specialist Internet telephony Avaya for $ 8.2 billion.

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Gemalto: the U.S. fund TPG withdraws capital

The U.S. investment fund Texas Pacific Group (TPG) wishes to sell its remaining shares in the group of French Gemalto smart cards, reports Dow Jones Newswires.

The U.S. investment fund Texas Pacific Group (TPG) has asked the U.S. bank Goldman Sachs to sell its stake in French company Gemalto said TPG news agency Dow Jones Newswires.

Thus, Goldman Sachs has been mandated to sell approximately 5.7 million shares of Gemalto, the equivalent of 6.5% stake in the maker of smart cards, according to a prospectus of the U.S. bank cited by Dow Jones Newswires.

According to a source quoted by news agency, most of the operation was performed via a private placement with American and British investors, amounting to 31.50 euros per share.

In May this year, the U.S. fund had already sold an 8% stake with the Gemalto Strategic Investment Fund (ISF). Since the merger of Gemplus and Axalto, Gemalto gave in 2006, TPG had 14.5% of Gemalto.

This Friday at 13:15, the title Gemalto lost 2.73%, to 31.75 euros, after having fallen to 31.63 euros earlier in the day, the Paris Bourse.

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Texas Pacific Group and Axa Private Equity entering TDF

Investment funds Texas Pacific Group (TPG) and Axa Private Equity are investing TDF, a leading French radio broadcasters and television, taking 42% and 18%, announced Tuesday in a statement TDF .

The Deposit and Consignment Office (CDC) and the British group Charterhouse Capital Partners are therefore reduce their holdings: the CDC now owns 24% stake in TDF (against 44% previously) and Charterhouse 14% (against 55% previously).

The remaining 2% are held by management and employees, "said TDF.

This transaction remains subject to approval by competent authorities, said the company, which is not publicly traded.

The agreement "gives TDF necessary means to implement its project and support its customers in the transition to digital by maintaining a healthy financial situation," said TDF in a statement.

It allows "funding organic growth of the company, amounting to 1 billion euros over five years, and funding from external growth, with the possibility of raising up to one billion euros," says he.

TDF had said late September that it planned to invest one billion euros from 2006 to 2010 in the deployment of digital networks in France.

This capital restructuring is placed in, TDF, "under the sign of continuity with the reinvestment of Charterhouse and CDC."

According to the website of Les Echos, the entrance fee of TPG and AXA was made on the basis of a valuation of 4.85 billion euros. TDF, contacted by AFP declined to comment on.

TDF was established in 1975, was detained nearly 100% by France Telecom since 1991, before the phone company does sell some of its stake to Charterhouse and CDC in 2002. Two years later, France Telecom gave in to Charterhouse and CDC's 36% stake yet.

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