Patrick Drahi, starts again this week in large maneuvers in the telecom sector. In his sights, after SFR now absorbed by Numericable, Bouygues Telecom. The tender offer presented by his group Altice (owner of L’Express), officially examined Tuesday by the teams of Martin Bouygues. But the government has already warned that he would ensure the grain, Manuel Valls set up “five conditions” to give the green light for such an operation. The program includes, employment (the sector employs some 130 000 people) and investment, especially in fiber optics.
The man Franco-Israeli businessman has since ensured that the project conformed. He will be received “in the evening” at Bercy by Emmanuel Macron. The Minister of Economy, who did not hide his hostility to the idea of such an operation on Monday, put a little water in his wine Tuesday. He now says in effect that it has “no religion” on the need for a market three or four operators in France. Still, in this case, Bercy is not his first contradiction.
Arnaud Montebourg at Bercy welcomes his successor as Minister of Economy, Emmanuel Macron during the ceremony of power Wednesday, August 27, 2014.
REUTERS / Charles Platiau
- January 2014 – Montebourg arises referee telecom market
Start 2014, SFR is for sale. Vivendi, its parent, consider any offers that are presented to it. The then Minister of Economics, Arnaud Montebourg, warns it will have a say. It is, for months at open war with Illiad, the parent of Free, last operator entered the market, which it accuses of undermining the sector by slashing prices. On the possible takeover of SFR, Montebourg said: “This is not [to regulators] to say what is good or bad in the telecom sector is ours and we will respect this legitimacy…” A merger, acquisition, change the number of operators? It is said, telecoms are in the lap of Bercy.
- March 5, 2014 – Montebourg wants to return to three operators
A big month later, two candidates for recovery SFR appear. It’s Bouygues Telecom and a newcomer: Numericable, property of Patrick Drahi. In the columns of our colleagues in the Paris , Arnaud Montebourg then reveals his preference . “Competition by the destruction will stop if we return to the three mobile operators while keeping prices low. It will not stop if Numericable conquers SFR (…). In the end, either Free or Bouygues, will pick up a spoon with thousands of jobs lost. ” Clearly without going to Bouygues, his wish is to return to three operators. Bercy therefore see a dim view of the attempts Numericable.
- March 13, 2014 – Vivendi’s logic is not that of Bercy
Two weeks later, Arnaud Montebourg wipes a first snub while Vincent Bolloré, owner Vivendi of which SFR is a subsidiary, announces that it has entered “exclusive negotiations” with Altice. Bouygues offer is rejected.
Minister yet still wants to believe in an alternative: “I am not certain that the banks will want to expose themselves beyond measure,” he said on France 2. Clearly, Patrick Drahi plans to finance the leveraged buyout transaction and Montebourg sees a weakness. “There are a number of remedies that will be exerted by competitors, SFR, certainly, and there are questions that will be asked by the authorities of the French and European competition,” he warns. Besides employment in the sector, fear of Bercy is that the new entrant, the cable specialist, does not play the game of fiber plan supported by the government.
The following week, Bouygues, supported in particular by François Pinault and the Deposit, against attack by increasing its initial offer. But to no avail: April 5, Vivendi decides in favor of Altice Montebourg and eats his hat.
- June 2015 – Valls sets conditions, changes religion Macron
After the revelations of JDD this Sunday, Bouygues Telecom has admitted consider the offer Numericable SFR. This time, a redemption would be in harmony with the other mobile operators. But in the meantime, the government cast has changed. If Emmanuel Macron provides Tuesday he had “no religion” on the need for 3 or 4 operators in France, Bercy is actually much converted past 48 hours. The Macron religion on Monday was the antithesis of that of Montebourg before. And on Tuesday, posting no more preferably by the voice of Macron, Bercy abjure again.
Beyond the number of operators in the wake of consumer associations, the government fears a rise in prices of sectors. In the trade unions, it is concerned about the consequences of such an operation in terms of employment as “inversion of the curve” of unemployment is not forthcoming.
But above all, this is the worst time to Bercy to see diminish competition in telecoms. The State must soon auction the allocation of frequencies 4th generation (4G). He set a goal to remove more than 2.5 billion euros. Fewer bidders is less likely to succeed. But that money has already been assigned: it must serve to patch the defense budget.
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