Bouygues-Orange: the state sets conditions – Le Figaro

The discussions for a redemption Bouygues Telecom is continuing, while the deadline of 31 March set by Martin Bouygues approaches.

the meetings of the “last chance” are multiplying. All players are positioned on the bridge to try to complete the acquisition of Bouygues Telecom Orange. They only have a few hours to remove the remaining bottlenecks. Martin Bouygues has promised to close the ban, regardless of the response, on March 31 … unless some additional days are not given to negotiators to finalize contracts. The boards of directors of Bouygues and Orange, expected late in the day on Wednesday, will be crucial.

The situation is evolving hour by hour. The State would have played the grains of sand in an already complicated mechanism. While Orange must give some of Bouygues Telecom or SFR Free assets for competitive reasons, the services of Bercy came challenge the amounts used for valuing Bouygues Telecom and Orange. Finally, discussions are clenched on the premium should be paid for Bouygues repurchase of Orange shares. The dispute would cover 180 million euros, while the total amount of the transaction is $ 10 billion.

All scenarios are possible, including a break. If unsuccessful, the French telecoms landscape would remain unchanged, with four actors. All were spared this out. Publishing their results in 2015 was for the four French operators the opportunity to demonstrate that it had performed well and could go on, in a market with four. The posture is however more difficult to take for Bouygues Telecom, which work for three months to sell at Orange. It will motivate employees tired of being tossed about for 4 years at the mercy of potential matches.

In case of marriage, operators have already sharpened their arguments. The transition from four to three is good news for the market, this will boost investment in infrastructure, the high fixed and mobile broadband (fiber and 4G). They also say that all, in a market dominated by promotions, commercial aggressiveness of each other will not fall like that. The Competition Authority will have at heart to ensure that this “competitive animation” persists.

Employees of Bouygues Telecom should they be offered positions at Orange, SFR and Free, depending on the assets to be taken over by each other. Some rather among senior leaders would remain in the Bouygues group.