Since Friday, and the announcement of the end of discussions between Orange and Bouygues Telecom, everyone is leached. “For months we bump on this deal, it is a real disappointment. All for it …”, does one breath at one of the two operators Saturday. Inevitably, that three months of work coming up in smoke.
Therefore, many are seeking to establish responsibility. It is passing the hot potato and a small music is heard to lay the blame at the Economy Minister, Emmanuel Macron. “It is fair, everyone is very disappointed,” said a source close to the matter. Starting with intermediaries, including bankers, who relied heavily on this opportunity.
STORIES & gt; & gt; Orange-Bouygues Telecom: the scenes of a failed marriage
If the two major players booed each Friday the end of the game, by two separate releases, already midweek the case had the lead in the wing. “During informal discussions with people from Bouygues, teams Bercy realized that Martin Bouygues would yield nothing on its requirements,” said a source at one of the operators. This one, would eventually give up.
Governance at the heart of the requirements
What really were the demands of the industry? Sell at a good price (€ 10 billion), agreed, although “the question of the valuation arrived very late in the discussion,” said the entourage of Martin Bouygues. Indeed, it was mainly the governance and Orange strategy that interested once the marriage officially recorded.
“On the way home Orange, Martin Bouygues would not be a dormant shareholder. This is an area he knows well, where it has invested a lot,” said one close to man of business. An appetite that did not please everyone, especially the state, first shareholder of the incumbent, worried about a possible increase in the stake in the future of the industry.
Martin Bouygues, CEO of the eponymous French group, October 1, 2013 in Meudon, near Paris
afp.com/Eric Piermont
Some accuse therefore today the Minister of Economics of placing too high demands to curb Bouygues intentions. A ie, no double voting and clauses “standstill”, that freeze ownership for a defined period. in this case, it was “7 to 10 years.” an “unacceptable” position for Martin Bouygues.
March 29, Martin Bouygues took its decision
in an attempt to move the lines, a final meeting is held in Bercy 24 March with Emmanuel Macron. Not really successful. “After this interview, Martin Bouygues took time for reflection. But he decided, from Tuesday 29th evening to drop the case, “says one afterwards in his entourage.
In fact, the industry would be respected by his given word market. ie, end the discussion by March 31, but several of his advisers and investment bankers in the coup, asked him to give a few more days to try to break the deadlock in vain. .
Emmanuel Macron, Minister of Economy, Industry and Digital in its Finance Ministry office in Bercy.
Marc Chaumeil / Divergence for Express
on the side of Bercy, today there is “failed negotiations”. “It was a risky and complex operation, said the entourage of the Minister of Economy. The applications of the state were not exaggerated. We have always said that the state should remain permanently shareholder of Orange and power have a blocking minority. If negotiations fail, it is the only competitively. ” The position of Bercy will be remained the same, and Emmanuel Macron meant to Martin Bouygues, March 24, that it would not move.
The last meeting between Martin Bouygues and Orange boss Stephane Richard, set at Thursday, March 31, will have been only a formality enact the impossibility of one of the biggest takeovers french recent years. According to several of the protagonists, Martin Bouygues will be sorely tempted to talk of governance with Stéphane Richard at this final exchange. But a source close, “he quickly realized it could not control at Orange. Or it’s someone who has always been at the head of the box.”
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