This is a deal S&N had to do [to be a major European player]

To its huge credit, GUS has moved from being a rag-tag of businesses with a reliance on a declining home shopping market to a very focused retail group.

The big surprise has been that the inevitable hit to the U.S. economy from the hurricane hasn't hit the market yet -- this market doesn't want to lie down.

Given the low rating of the shares, we would hope they would be buying them and indeed they are,

Oil is uncomfortably high; it is inflationary, ... If you are struggling a bit on the continent, as Germany is, you really do not want high input prices.

The end game is to sell out to GM, ... There are too many players trying to win customers in the mid-sized market.