Merrill = Bouygues - ARCEP released French 4G coverage map last night. +ve for Bouygues and Orange –ve for SFR and Iliad. Iliad’s 4G network covers 1.5% of the French territory and 24% of the population (SFR 17% and 30%, Orange 18% and 60%. Bouygues covering 22% and 70%) Likely to MEAN MORE speculation that Iliad needs Bouygues network. Tempted to pair Bouygues vs. iliad