Martin Bouygues was appointed to the bank's board.
马丁·布伊格被任命为银行董事会成员。
So why did Bouygues SA not have a direct stake of 69.5% in SAUR?
可是为什么布伊格股份有限公司不直接拥有SAUR的69.5％的股份呢？
Or, indeed, why was SAUR not a wholly owned subsidiary of Bouygues SA?
或者为什么SAUR实际上不是布伊格股份有限公司的全资子公司呢？
They add that Bouygues SA profited and still profits from the association.
他们补充说布伊格股份有限公司盈利了并且仍受益于这种联合。
It is hard to see how this was in the interests of Bouygues SA's investors.
很难讲，这些是出于布伊格股份有限公司投资者的利益考虑。
Lawyers for the Bouygues say everything was done in accordance with the rules.
布伊格兄弟的律师们只是说每件事都是按照法规进行的。
This meant it treated Maison Bouygues as a subsidiary for accounting purposes.
这意味着它依会计目的把MaisonBouygues当作是一个子公司。
Bouygues SA's management reported that the company had acquired a majority stake in SAUR.
布伊格股份有限公司管理层报告中称取得了SAUR的绝大多数股份。
This implied that they were the property-and under the control-of Bouygues SA's shareholders.
这意味着他们是受布伊格股份有限公司股东控制的财产。
On the face of it, Bouygues SA's decision to share the risk with the brothers was an odd one.
表面上看，布伊格股份有限公司决定和布伊格兄弟们共同承担风险好像有些奇怪。
He appointed Martin to the board of Bouygues SA as early as 1982, followed by Olivier in 1984.
早在1982年他就让马丁进入布伊格股份有限公司董事会，接着1984也让奥利维尔进驻董事会。
Lawyers for the brothers say that the board of Bouygues sa decided on the size of the firm's stake.
布伊格兄弟的律师们称布伊格股份有限公司的董事会按照企业的资金多少来决策。
But, as with the prefab - housing business, this was not strictly true: Bouygues SA bought only 45 %.
但对于做预制板房屋的这家企业，这个不完全真实：布伊格股份有限公司仅仅购入了45%的股份。
In 1988 it channelled borrowed money into Cofipex, a subsidiary, which then bought shares in Bouygues SA.
1988年它作中间人借款给子公司Cofipex，然后它再买入布伊格股份有限公司的股份。
Bouygues sa's accounts for 1988 make no mention of the involvement of SCDM or the brothers in this "transaction".
布伊格股份有限公司1988年的账面一点没有提到SCDM或者布伊格兄弟在这次“买卖”中插手。
Yet the brothers controlled the shares; they, rather than the rest of Bouygues SA's shareholders, controlled Cofipex.
然而布伊格兄弟控制股份，他们而不是布伊格股份有限公司的其余股东控制Cofipex。
As SCDM was then Maison Bouygues's majority shareholder with 52%, Bouygues SA could no longer claim DE facto control.
因为SCDM当时是拥有Maison Bouygues的股票52%的大股东，布伊格股份有限公司对其就不再拥有事实的控制权。
Separately, Alstom agreed to create a joint venture with Bouygues SA to develop and provide energy-management services.
此外，阿尔斯通公司同意和法国布伊格电信集团（Bouygues）成立合资企业，共同研发和提供能源管理服务。
Hence the consolidated balance sheet for 1988 shows Cofipex's stake in Bouygues SA as shares that the group held in itself.
因此1988年的合并财务报表所显示的Cofipex的股份归于布伊格股份有限公司名下，就像是该集团所拥有。
On the ground that it was Maison Bouygues's largest shareholder, Bouygues SA claimed to be the firm's controlling shareholder.
布伊格股份有限公司由于是Maison Bouygues ' s公司最大的股东，所以也就主张是公司的控股股东。
But the splitting of Bouygues SA's interest into a direct stake and an indirect stake deprived its investors of control of SAUR.
但是分开计算布伊格股份有限公司的直接股份和间接股份的剥夺了它的投资者对于SAUR的控制权。
In fact, SAUR's majority shareholder was Maison Bouygues, which snapped up the other 51% (leaving 4% with SAUR's employees-see chart 1).
事实上，SAUR的大股东其实是持有51%股份的MaisonBouygues公司(剩下的4%是SAUR的员工股。参看图表一)。
In particular, investors appeared to fear that KPN would bid for Bouygues, a big French mobile operator that could be coming up for grabs.
特别的是，投资商似乎担心KPN会参加收购Bouygues的竞标，那是一家很容易到手的法国移动运营商。
Note, too, that this transfer was possible only because Bouygues SA's stake in SAUR was divided between a direct 44.9% and an indirect 24.5%.
也请大家注意，此次股票转让之所以有可能实现，是因为布伊格股份有限公司所拥有的SAUR的股份分成44.9%的直接股份和24.5%间接股份。
So all of Maison Bouygues's sales counted as part of the Bouygues group's overall turnover, all of its profits as part of the overall profits and so on.
所以Maison Bouygues对销售收入就可以是布伊格集团的全部营业额达一部分，以此类推，它的利润也就其总利润的一部分。
In essence, the Bouygues' financial cunning enabled the family to acquire stakes in companies that arguably should have been entirely in the hands of Bouygues SA.
本质上布伊格家族的通过金融手段获取的那些公司股份都应该完全是布伊格股份有限公司所有的。
Through SCDM, a private holding company, he and his brother, Olivier, are Bouygues SA's largest shareholder, with a stake of about 18%, worth at least Euro2.7 billion.
假借一家叫做SCDM的私有公司，他和他的弟弟奥利维尔（Olivier）是布伊格股份有限公司最大的股东，持有18％的股份，价值至少27亿欧元。
Mr Autuori is a Design Dept Manager at Bouygues, in charge of underground engineering (especially tunnel project) and maritime project, concurrently in management of R&D.
菲利浦·奥图，法国布依格工程公司设计部门经理，负责地下工程（尤其是隧道项目）和海事工程，同时兼管技术研发。
Le Monde, a French daily, reported that Mr Bouygues spoke of co-operation between the two groups-banco Central had a big stake in one of Spain's largest construction firms.
法国的一份日报社世界报(Le Monde)报道说布伊格先生曾提及两大集团的合作——Banco Central在西班牙最大的一家建筑公司拥有大笔股份。
Le Monde, a French daily, reported that Mr Bouygues spoke of co-operation between the two groups-banco Central had a big stake in one of Spain's largest construction firms.
法国的一份日报社世界报(Le Monde)报道说布伊格先生曾提及两大集团的合作——Banco Central在西班牙最大的一家建筑公司拥有大笔股份。
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