This is not really news anymore, but a confirmation that
finally some people did what they said they would do. And that is quite
remarkable. Though everyone puts his own spin on the story, which is OK. So no
one loses face.
The Luxembourg government, burned by its very poor
performance in dealing with Cargolux issues so far, had to back out of the deal.
It has since decreed that more secrecy should govern future actions, which is
useful when you can't improve your performance. The first action though has not
remained secret: the buy-back price is $117.5 million. It might be good or bad
that this secret is out. It is all about what your strategy is. What is the
strategy? CV needs capital right?
And if negotiations are generally kept secret, it is not
always the best tactics. Hint: how easy it gets when you can object to a bad
offer that the unions will have all hell break loose. But, Mr. Frieden, that objection
has to be made before you sign the deal.
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