Bouygues rejects Altice's €10 billion offer
24 June 2015 |
Bouygues has turned down an offer from Altice to purchase its telecoms unit for approximately €10 billion ($11.4 billion).
The company said its board of directors had voted unanimously not to pursue the proposal from Altice.
According to Bouygues, its board believes that Bouygues Telecom is well positioned to take advantage of a period of growth in the telecoms market, underpinned by digital usage.
In addition, it said the offer presents a significant execution risk, which should not be borne by Bouygues, particularly in terms of competition law in both the fixed and mobile markets.
“The board paid great attention to the consequences of market consolidation on employment as well as the social risks inherent to such an operation,” according to a statement by Bouygues.
“The Bouygues group has always strived to write an industrial story that creates value in the long term with its employees and suppliers, and in the interests of its customers, while respecting its commitments in terms of investment for the development of French infrastructures.”
The deal would have combined Numericable-SFR and Bouygues Telecom and created the largest mobile company in France. It would also reduce the number of mobile operator in France from four to three.