Bouygues Telecom Faces EUR10 Billion Takeover Bid from Altice
Published on: 21st Jun 2015
Note -- this news article is more than a year old.
Fast growing telecoms holding company, Altice is reported to have made a takeover bid for the French mobile network, Bouygues Telecom.
Altice already owns the rival French telco,Numericable-SFR, having paid a total of USD27 billion for a controlling stake in SFR.
Citing a person familiar with the offer, the Wall Street Journal reported that the bid valued Bouygues Telecom at around EUR10 billion (US$11.4 billion). The offer is still to be considered by the family controlled Bouygues Group.
Martin Bouygues, the group's CEO is reported by Le Journal du Dimanche to be demanding a higher offer, of at least EUR11 billion.
Such a deal would be highly likely to face fierce regulatory difficulties as the French government has already said that it would oppose further consolidation in the market.
"Now is not the time for opportunistic tie-ups which may be of interest to some people but which are not in the public interest," Economy Minister Emmanuel Macron told AFP.
To assuage some of the regulatory concerns, Altice is reported to have already agreed a deal to sell some of the assets to Free Mobile to reduce the dominance of the merged SFR-Bouygues mobile network.