logo
Share SHARE
FONT-SIZE Plus   Neg

Bloomberg: Iliad's Informal Bid For Bouygues Telecom Stumbles On Price

France's third-largest mobile carrier Iliad SA's (ILIAF) informal takeover bid for conglomerate Bouygues SA's (BOUYY) telecom unit has stumbled due to a difference of 3 billion euros, or $4 billion, over the price for the unit, Bloomberg reported Monday, citing people familiar with the matter.

According to the Bloomberg report, Iliad recently made an informal takeover offer for Bouygues Telecom, France's fourth-largest mobile carrier, between 4 billion and 5 billion euros, However, Bouygues SA is seeking about 7 billion to 8 billion euros for the unit, putting the talks at a standstill.

According to the Blomberg report, a combination between Iliad, owner of the Free brand, and France's fourth-largest mobile carrier Bouygues Telecom would likely face fewer antitrust obstacles than a combination between Bouygues and French market leader Orange SA (ORA). Bouygues, a family-controlled construction conglomerate, is also said to be in early talks with Orange about a combination.

Bouygues very recently lost a bidding war for French media and telecom giant Vivendi SA's (VIV.L,VIVEF.PK) telecom unit SFR.

SFR was sold to cable TV provider Numericable SA, affiliated to cable holding company Altice S.A, in a deal valued at 17 billion euros or $23 billion. Bouygues was expecting to merge Bouygues Telecom unit with SFR, the second-largest French operator.

Iliad's shares closed Monday's trading in Paris at 238.70 euros, up 2.40 euros or 1.02 percent on a volume of 60,698 shares. Bouygues shares closed trading at 34.32 euros, up 0.12 euros or 0.37 percent on a volume of 471,398 shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Health IQ Insurance Services, a startup focused on providing life insurance for health-conscious individuals, said it has secured $34.6 million in Series C funding, led by Andreessen Horowitz. To date, the company has raised a total of $81 million in funding mostly from its existing investors. General Motors Co. is recalling nearly 49,000 trucks worldwide to fix a fuel tank issue that can increase the risk of a fire. The recall covers Chevrolet Silverado 3500 and GMC Sierra 3500 trucks from the 2011 through 2015 model years, all equipped with dual fuel tanks. Meredith Corp. is reportedly in talks for the acquisition of Time Inc, with a staunch support from billionaire brothers Charles and David Koch. Des Moines-based Meredith is the publisher of Family Circle and Better Homes and Gardens and aims to acquire the publisher of Time, People and Fortune Magazines.
comments powered by Disqus
Follow RTT