Important movements in French telecommunications. Now it is in fact official that Bouygues Telecom has upped the ante to get to Sfr, the operator of the transalpine giant Vivendi: the offer is 19 billion euros, compared to the 15 billion of the other group at stake, Numericablethrough the parent company Altice (behind which the billionaire hides Patrick Drahi).
Bouygues it therefore went on the attack and let it be known what it values SFR almost 19 billion euros, including synergies. In cash, the company is offering 10,5 billion euros, but will also contribute in terms of assets to the new entity. Bouygues, which with its offer for SFR is in fact paving the way for a process of consolidation of the French telephony market, which became urgent after the price war unleashed by Iliad, also proposed a Vivendi to proceed with the merger between Bouygues Telecom e SFR with the aim of creating a new group to be listed on the Stock Exchange as soon as possible. Vivendi would continue to hold 46% of the new company with the option to sell this stake in the envisaged initial public offering.
The offer of drahi di Altice, on the other hand, has a value of around 15 billion euros, made up of a mix of cash, assets in the cable and a capital increase. The parent company of the cable operator Numericable intends to pay around 11 billion euros in cash and leave a Vivendi 32% of the new group. According to sources close to the company, Numericable it would not be willing to up the ante because it believes its offer is better than a rival's since it would carry less regulatory risk.
The board of Vivendi it will examine the two offers, the French group said, considering all options in the best interest of employees and shareholders.
