Press Review — Tuesday, 21 July 2026
Event-driven / risk-arb / M&A focus. Sources: Le Monde, Le Figaro, La Tribune, l'Opinion. (Les Echos unavailable.)
Backdrop: red-hot M&A
Le Monde's econ page leads on a "megadeal frenzy": global M&A +42% to $2.9tn in H1 2026 (PitchBook), best half since 2018; BofA sees the year near ~$6tn. France outperforms at +57% to €106.6bn (LSEG). Key read-through: no summer lull, financing open, and friendlier antitrust posture (April EU consultation on a pro-"European champions" doctrine) — compressing regulatory risk premia on several spreads. Pipeline skewed to defense, healthcare, bancassurance.
Announced deals / live spreads
- Paramount / Warner Bros (~$111bn) — the day's key risk-arb name: signed February, US federal green light in June, but 12 Democratic states filed suit mid-July to block it. Live legal/political risk; catalyst = litigation outcome.
- SFR / Altice France (~€20bn) — breakup signed in June by the Bouygues Telecom + Iliad + Orange trio. French telecom 4→3; antitrust is the crux, though parties feel "more confident than before." Watch remedies.
- Uber / Delivery Hero (€12.7bn) — announced 16 July; food-delivery concentration risk.
- Kone / TK Elevator (€29bn) — Finland's Kone bids for Germany's TK to overtake Otis. High antitrust risk (elevator oligopoly).
- PayPal (~$53bn/€46bn) — Stripe and Advent circling; indicative proposal only → early-stage/rumor.
- easyJet — two US funds fighting over it; potential bidding war.
- ABB / Rotork (€4.7bn) — ABB's largest-ever acquisition (UK). Engie / UK Power Networks (£15.8bn/€18.6bn) — closed February.
Special situations / activism / restructuring
- Match Group — activist cluster (Anson, Elliott, Starboard Value), new CEO Rascoff, restructuring underway. (Le Figaro)
- Fibre Excellence (France's last market-pulp maker) — Matthieu Pigasse (Combat Holding) rescue bid deemed "credible"; Toulouse commercial court rules 27 July, else liquidation. Imminent catalyst. (La Tribune)
- TSG — US fund CapVest takes majority (~€1.8bn EV); HLD cuts 60%→30%. LBO/roll-up. (Le Figaro)
- BHV Marais — Brookfield (landlord) vs operator dispute over indemnities. Apple v. OpenAI — trade-secret theft suit. (Le Figaro / Le Monde)
Sovereign deal-blocking risk (France)
Important signal for foreign bidders on strategic assets: l'Opinion leads on Loar Holdings (US) buying LMB Aerospace, reviving the FDI-screening / golden-share debate — a reminder the State blocked EQT's sale of Eutelsat's terrestrial infra in January 2026. Economic-security doctrine tightening. Related: DGSI drops Palantir for France's Chapsvision (sovereignty, "kill switch" fears). Chapsvision — 29 acquisitions since 2019, more European buys coming, IPO targeted before 2030 — is a consolidator to watch. (La Tribune)
Sourcing — French assets on the block
Funds in sell mode: Sandaya (InfraVia), Idex (Antin), Aroma-Zone (Eurazeo). Mid-cap: TechnicoFlor buys Azur Fragrances (Grasse perfumery build-up). (La Tribune)
Regulatory / defense / events
- AliExpress (Alibaba): record €550m EU DSA fine; 3 months (deadline 20 Oct) to comply or face penalties. (La Tribune)
- Helsing (defense AI): $1.8bn raise, ~$10bn valuation; bought Keybotics, Grob. (l'Opinion)
- Event calendar: Israel elections late Oct (Netanyahu weak); Ukraine sacks defense minister; Germany — Spahn resigns, Merz reshuffle; UK — Andy Burnham new PM; US/Iran Gulf war hits Ryanair (profit −34%), Hormuz risk, Brent contained.