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Bouygues extends SFR offer so Vivendi can keep calm
2014-04-01 02:00:00| Total Telecom industry news
French telco confident a merger between itself and SFR would get regulatory green light; offers to pay 500 million break-up fee.
Vivendi to consider Bouygues bid for SFR
2014-03-28 01:00:00| Total Telecom industry news
Supervisory board committee to look at new Bouygues offer once exclusivity period expires; Martin Bouygues reiterates pledge to safeguard jobs at SFR.
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bouygues
Bouygues adds EUR 500 mln break-up fee to SFR bid - report
2014-03-25 08:39:00| Telecompaper Headlines
(Telecompaper) French conglomerate Bouygues did not only improve the cash element of its takeover bid for Vivendi's operator SFR, but also included a break up-up fee of between EUR 500 million and EUR 1 billion if the competition authority blocked the operation, a person familiar with the matter told La Tribune newspaper. The break-up fee would also be used if the authority imposed remedies that offset the estimated EUR 10 billion of synergies to be gained from the acquisition. Another source close to the discussions confirmed the existence of a break-up fee, but said it amounted to a maximum of EUR 500 million. Bouygues, which is offering Vivendi EUR 13.15 billion plus a 21 percent stake for Vivendi in the merged Bouygues Telecom-SFR, would not comment on the matter. Vivendi is in exclusive negotiations with cable operator Numericable's parent company, Altice, until 4 April about its rival bid of EUR 11.75 billion plus a 32 percent share for Vivendi in a combined Numericable-SFR. Separately, sources told the Wall Street Journal that Numericable does not plan to raise the value of its bid.
Bouygues raises bid for SFR
2014-03-21 09:58:00| Telecompaper Headlines
(Telecompaper) Bouygues Telecom has raised its takeover bid for SFR, beating an earlier offer from Altice accepted by Vivendi. Bouygues raised the cash element of its bid by EUR 1.85 billion, to a total EUR 13.15 billion, plus a 21 percent stake for Vivendi in the new company created from merging Bouygues Telecom and SFR. This is EUR 1.4 billion more than the offer from Altice, the owner of cable operator Numericable. Bouygues said it was convinced of the "industrial strength" created from a merger of its telecom operations and SFR, which would generate EUR 10 billion in synergies, while reducing the French market to three mobile networks from four. Bouygues has pledged to sell its mobile network to smaller rival Free Mobile if its offer for SFR is accepted. The new offer values SFR at EUR 17.4 billion factoring in all of the synergies, of which EUR 16.3 billion come from the agreement with Free. The new entity would be listed on the stock market as soon as the merger is completed, thus giving Vivendi an opportunity to monetise the remainder of its interest. Bouygues has gained the backing of key shareholders to increase its bid, including the bank Caisse des Depots et Consignations, the Pinault family and JCDecaux. They have agreed to acquire an interest or to strengthen their existing interest in the new company. Under the new offer, Bouygues would hold 67 percent in the merged company, versus 52 percent in the previous offer.
Bouygues again ups SFR offer
2014-03-21 01:00:00| Total Telecom latest issue!
French telco raises offer by 1.85 billion despite Vivendi being in exclusive talks with Altice.
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