It does not easily breaks with centfifty years of history

It does not easily breaks with cent-fifty years of history. The scenario of a quick rating of the Group Louis Dreyfus, evoked by "Le Figaro" yesterday, is to make unanimity among its shareholders. Since a few months, Jacques Veyrat, President of Louis Dreyfus SAS, is indeed studying three options for the Group: a development on the stock exchange of its main subsidiary, LD Commodities valued 8 billion, a merger with its Asian competitor Olam or a rating of Brazilian LD Commodities to the São Paulo Stock Exchange activity.

These projects, according to our information, extras not membership of the family, which owns the entire share capital. In any case not in the immediate future. "The rating is one of the hypotheses being considered to give the group the means to develop." "Other options are possible and disposals of assets for example," indicates a good connoisseur of the folder. Within the family, and everything especially on the widow of Robert Louis-Dreyfus, Margarita, and her children who have inherited from 59 of the shares of the group, is considered is the need to give time to make a choice that would mark a clean break with the story of a group who has always lived in the greater discretion since its establishment in 1851. This period of reflection should, according to some sources, not to exceed 12 months.

Family control

It must be said that the Group has just rearrange its governance after the disappearance of its Chairman Robert Louis-Dreyfus.

Small return back. It was in June 2007 that human affairs, reached disease which should prevail in July 2009, decided to accommodate all of its titles in Akira, a foundation based in the Liechtenstein. The idea was to ensure the sustainability of family control over the group. Become non-transferable for 99 years, these titles are placed in the custody of three protectors: Margarita, Jacques Veyrat and close to the latter, Erik husbands, at the time a partner at Lazard. A charge for this triumvirate to agree on the strategic conduct of the group. But a few months after the death of Robert Louis-Dreyfus, it appears that the governance of the Foundation, which is based on the simple majority rule, does not achieve the goal. Including the fact that Jacques Veyrat had the functions of operational pattern and "trustee" was problematic.

Tight negotiations

In these conditions, Margarita Louis-Dreyfus thought does not have the means to pursue family interests. The Council of the "protective" is would be together only once, in April. A meeting in which claims of Margarita Louis-Dreyfus have not resulted. At the end of a negotiation of several months, the dispute finally decided on 7 July last for the benefit of the heirs of Robert Louis-Dreyfus. Jacques Veyrat and Erik husbands have abandoned their duties as "protectors" in Akira. They have been replaced, according to our information, by David de Rothschild, President of the Bank of Rothschild, and Antoine Frérot Affairs, the Director General of Veolia Environnement.

These amendments, however, have no impact on the operational management of the group. For the moment in any case. Jacques Veyrat retains the Presidency of Louis Dreyfus SAS. According to several sources, he would however more the obligation to remain in the group until 2012 to collect part of his remuneration.