City analysts agree that Mr Cousins (and the finance director Paul Hollingworth) had been too conservative in their presentation. His style of under-promising and over-delivering and allowing the results "to speak for themselves" has meant that investors had not come to a full appreciation of the attractions of a company operating in the deeply unglamorous world of plasterboard. Mr Cousins is clearly worried that Saint-Gobain could yet end up getting the business on the cheap - though he sees no prospect of that at the current 720p-a-share offer price. "This is a distraction we could have done without. We feel that we are on the road to becoming a great business."
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