Pierre Galbois knows the case Tapie-Adidas-Credit Lyonnais. It was one of the actors, between 1993 and 1995, when it bought the sports equipment by Robert Louis-Dreyfus, via public bank. Now retired, Peter Galbois wish to call the “reality check”.
How did you arrive at Adidas?
Pierre Galbois. – I was recruited by the Credit Lyonnais in January 1993 when he bought Adidas . Credit Lyonnais knew me because I had been Chief Financial Officer of its IT subsidiary. Public Bank, which had lent money to Bernard Tapie in 1990 for the purchase of Adidas, had been awarded the sale of the company by businessman busy with his political positions since 1992. First charge of a study mission, I was appointed CFO and IT from Gilberte Beaux, which was set up by Tapie. I have subsequently been promoted to General Manager administrator.
Adidas held by Tapie for more than two years, then was a company that was declining?
When Tapie bought Adidas Dassler sisters, the company actually suffered from three major problems. Two of them were practically settled by Tapie before my arrival. The manufacturing of products: it was relocated in Asia for more competitiveness. And the marketing of the range it had been reorganized by Rob Strasser, that Tapie had debauched Nike. Remained good computerization and management control group who had not been undertaken by Tapie. I’m busy immediately.
Adidas was so presentable when it was sold to Robert Louis-Dreyfus ?
With the changes made, the margins are gradually increased from 29% to 42%. Henri Filho, President of the Supervisory Board of Adidas, which I had to regularly report to the Credit Lyonnais in Paris, known trends and forecast the profitability of Adidas. The sale took place in 1994, when Robert Louis-Dreyfus already held a purchase option.
Under what conditions?
By a sleight of hand. In fact, Louis-Dreyfus bought Adidas in 1994, with the money lent him the Credit Lyonnais. To 4.4 billion francs, while Tapie had set the terms of sale at 2,085,000,000 francs. The operation was carried out through an intricate assembly, mixing including offshore companies – Omega and Coatbridge – domiciled in the Cayman Islands and related Credit Lyonnais. Robert Louis-Dreyfus could at any time cancel the sale and the loan. In case of losses, they have been supported by the Credit Lyonnais.
But all this, you know?
This is for discovering anomalies that I was “shot.” Henri Filho, who was the man of Credit Lyonnais, President Clinvest responsible Adidas file forbade me to watch accounts Adidas International Holding (AIH), which was the heart of the financial structure. So I received one day a tax document on compensation paid by Henri Filho IAH, which was completed offense against the ceiling imposed by German law, because much higher. Shortly after him for sharing it meant my leave. What seemed to me most shocking is that this compensation was paid by IAH, just after its acquisition by Robert Louis-Dreyfus.
Have you looked to see Jean Peyrelevade, who succeeded Jean-Yves Haberer, head of Credit Lyonnais in late 1993?
I asked several times, including twice in writing. He never answered me, but I did meet its general secretary, to whom I explained everything. I was to receive an answer, but it never came.
How the bank is it refunded the money she had lent to Robert Louis-Dreyfus for the redemption of Adidas?
The proceeds from the IPO to Adidas, which took place in November 1995, were used primarily to repay the Credit Lyonnais. The valuation of the company has reached 11 billion francs. This IPO is done, this year, the results after tax in 1994. These results amounted to 397 million francs. Yet the logic command to wait three months of publication of the results of 1995 for a better value – perhaps more than double – since we knew that the results would be close to 833 million francs. But the operation was rushed lest the Consortium embodiment ( CDR ), the body responsible for the liquidation of the Credit Lyonnais indebted discovers the pot roses: backstage at least winding the sale of Adidas. CDR was formally established on 1 January 1996. June 30, 1996, the stock value of Adidas was nearly three times higher in IPO!
Credit Lyonnais has won more than 2 billion francs in this sale?
Yes, which have evaporated with the debts of Credit Lyonnais. But he could earn much more. As Robert Louis-Dreyfus, meanwhile become a Swiss citizen, he made a nice gain!
Bernard Tapie is therefore right to be angry?
If Bernard Tapie is a thief, as I hear here and there, then this is a thief who has stolen!
as of December 31
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