WSJ : How Qatar Spent Billions to Gain Influence in the U.S.

How Qatar Spent Billions to Gain Influence in the U.S.
The tiny Gulf state has showered money on U.S. military and universities, giving it outsize geopolitical clout

Key Points
  • Qatar is considering giving a $400 million jumbo jet to the U.S. for use as Air Force One, showcasing its diplomatic influence.
  • Qatar has invested billions in U.S. institutions and increased lobbying efforts to sway policy in its favor.
  • Qatar’s influence strategy stems from its location and critical air base hosting U.S. Central Command.

Qatar’s potential plan to provide a $400 million jumbo jet to the U.S. to use as Air Force One underscores how the tiny Gulf state has managed to diplomatically punch above its weight for years: It has a lot of money and is willing to spend it.

The country’s ruling monarchy has showered billions of dollars derived from its vast natural gas reserves on U.S. institutions, mainly the military and universities, while ramping up spending on lobbyists to tilt policy in its favor.

A growing chorus of Republicans and Democrats have criticized President Trump’s pursuit of the plane, arguing it presents national-security concerns.

Trump has defended the plane offer, saying he would be stupid not to accept it.

A senior administration official said Wednesday that Trump hopes to have the plane ready to use by the end of the year, and isn’t considering abandoning the plan. “The choice is accepting a gift and saving the American taxpayers hundreds of millions of dollars. There are no strings attached either contractually or implicitly,” the official said, adding: “It’s a beautiful plane for a beautiful price and what’s wrong with that?”

A spokesman for the Qatari Embassy in Washington said lawyers from both countries’ militaries were reviewing the plane’s possible transfer. “Qatar doesn’t stand to receive anything in return for the possible government-to-government transfer,” said Ali Al Ansari, calling it “a reflection of the strong security relationship” with the U.S.

It wouldn’t be the first time Qatar has given away a luxury airliner to a foreign state.

In 2018, Turkish President Recep Tayyip Erdogan said the ruling emir had donated a Boeing 747 to Ankara after hearing it was interested in a purchase. Qatar’s former prime minister once told a television interviewer that the previous emir gave his private Boeing 747 to the late Yemeni ruler Ali Abdullah Saleh.

And back in 2000, a member of the royal family gave another 747 to Iraq’s state-run airline in “solidarity” with the country and its ruler, Saddam Hussein, according to a U.S. news report from that year.

Investments and lobbyists
In a few cases, Qatar has also been implicated in alleged bribery schemes involving U.S. officials.
A political influence campaign helped end the career of former Sen. Robert Menendez, who was sentenced in January to 11 years in prison. Among the charges: using his position to get Qatar to steer millions of dollars in investments from a state-backed fund to a New Jersey businessman who had given the lawmaker hundreds of thousands of dollars in bribes, some paid in gold bars. No Qatari officials were accused of wrongdoing.

Another influence-peddling case rocked the Brookings Institution think tank in 2022 when the Federal Bureau of Investigation investigated allegations that its president, retired four-star Marine General John Allen secretly lobbied U.S. national-security officials and lawmakers to get American backing for Qatar in its dispute with other Gulf countries. Allen resigned from Brookings, and the Justice Department later closed the case without bringing charges. Allen denied wrongdoing or accepting any fees for his efforts on Qatar, and said at the time he had been working on behalf of U.S. interests.

Qatar mixes economic statecraft practiced by many other U.S. partners and allies, including multibillion-dollar purchases of arms and other equipment that help intertwine its fate with America’s, with some less traditional arrangements. All that is turbocharged by its extreme wealth and small size—its $524 billion wealth fund holds the equivalent of more than $1.5 million per citizen. On Wednesday, the state-owned Qatar Airways announced during Trump’s visit that it planned to buy 210 Boeing jets in a deal the White House valued at $96 billion.

The result is a country with the landmass of Connecticut that enjoys outsize influence in Washington and has a seat at the table on numerous geopolitical issues where it otherwise wouldn’t even be an afterthought.

More recently, the country has embraced Trump Inc. as well. Last month, a Qatari minister appeared alongside Eric Trump as they unveiled a planned Trump-branded luxury golf resort being built by a private company in a larger Qatari-state project. The deal between Qatar and the developer was struck before the election, a Qatari official has said.

A Qatari fund also joined with a U.A.E. fund to invest another $1.5 billion with Trump’s son-in-law Jared Kushner for his inaugural private-equity fund last year, before the election. Kushner has said he told his investors they shouldn’t expect benefits as a result.

A critical air base
Qatar’s pursuit of influence is driven in large part by its precarious location in a conflict-strewn region: Nestled on the Gulf between two giants—Saudi Arabia and Iran—it is constantly worried about being wiped off the map. In addition to securing Western backing, Qatar has bankrolled the Al Jazeera television network, giving it sway across the Arab world, and pumped money into bigger but poorer states as well as groups including Islamist rebels in Syria at the height of that country’s civil war.

The country’s U.S. strategy has its roots in a sprawling air base located at the center of the peninsular nation. The Qataris have spent more than $8 billion since 2003 to build up and maintain Al Udeid, which hosts U.S. Central Command and some 10,000 American military personnel—enabling the U.S. to wage wars across the Middle East.

The base was critical to multidecade campaigns in Iraq and Afghanistan, including the 2021 withdrawal, and remains an important forward operating position for counterterrorism. The U.S. agreed last year to extend its presence at the base for another decade. Trump will address troops there Thursday before closing the Qatar leg of his four-day regional tour.

Ansari, the embassy spokesman, said Qatar is an “indispensable security and energy partner” to the U.S. and called its partnership with the Trump administration “very productive.” He said the U.S. would always be a key destination for Qatari investment, which creates jobs for Americans.

Around the same time that the base was gearing up, Qatar began paying top U.S. universities to operate campuses on Qatari territory. It is now the single largest foreign funder of American universities, according to U.S. Education Department data, providing more than $6 billion over the past 15 years through gifts or contracts with schools including Cornell, Georgetown and Northwestern.

Much of that money is tied to satellite campuses that have sprouted in a cluster near the capital Doha known as Education City, where small outposts of Texas A&M and Carnegie Mellon host hundreds of Qatari students in avant-garde buildings.

The outsize higher-education funding levels have drawn criticism since the start of Israel’s war in Gaza from Republican lawmakers and the Trump administration over allegations that the money from Qatar and other Arab states was skewing teaching about Israel and the region. Education Secretary Linda McMahon singled out Qatar in an April 23 statement on an executive order expanding oversight on foreign education gifts.

Ansari denied that Qatar interferes in the curriculum of any U.S. educational institution or has any influence on U.S. universities, calling that “deliberate misinformation” by “a campaign of bad actors” aiming to weaken the U.S. relationship and undermine Qatar’s mediation role in the Gaza war.

Along the way, Qatar boosted spending on Washington lobbyists. A major turning point came in 2017, when Gulf neighbors imposed an air and trade embargo following a greenlight from Trump during his first visit to Riyadh. Qatar ramped up its advocacy in Washington, taking on a burst of lobbying firms to press its case with lawmakers and the White House.

Its roster of registered lobbyists and public-affairs firms tops 18—costing more than $6.5 million in 2024—including at least four new firms since January, federal disclosures show.

Qatar’s lobbyists blitz congressional staffers with updates on issues such as the war in Gaza and security. Some call and text individual lawmakers including South Carolina Republican Sen. Lindsey Graham, the disclosures show.

One notable former Qatar lobbyist is Pam Bondi, the attorney general whom a spokesman said signed a Justice Department memo clearing the proposed arrangement involving Qatar’s gift of the 747. She represented Qatar for a lobbying firm that billed the country $115,000 a month until 2020.

>>> Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F fi

Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F filing: New FIS SGI ICLR ELV positions, Boosted QSR GOOG WCC EXP holdings, Exited SNRE HUM GPC
Highlights from Q1 2025 filing as compared to Q4 2024 (all amounts are approximate):
  • New positions in: FIS (3.49 mln shares), SGI (703K), ICLR (405K), ELV (246K)
  • Increased positions in: QSR (to 3.89 mln shares from 2.9 mln shares), GOOG (to 2.08 mln from 1.43 mln), WCC (to 2.01 mln from 1.44 mln), EXP (to 910K from 638K)
  • Maintained positions in: GDS (4.25 mln shares), CRH (2.69 mln shares), DG (2.1 mln shares), FERG (1.13 mln shares)
  • Closed positions in: SNRE (from 2.34 mln shares), HUM (from 346K), GPC (from 315K)
  • Decreased positions in: CLVT (to 10.8 mln shares from 36.3 mln shares), LBTYK (to 24.7 mln from 39.5 mln), VSAT (to 10.2 mln from 12.2 mln), SOLV (to 1.05 mln from 1.45 mln), WTW (to 1.5 mln from 1.8 mln)

>>> US After Hours Summary: FL +62.6% on WSJ report that DKS -5.1% nearing deal

After Hours Summary: FL +62.6% on WSJ report that DKS -5.1% nearing deal to acquire FL; BOOT +16.6%, CSCO +2.1% higher on earnings; DXC -13.4%, CRWV -6.5%, JACK -4.6% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: BOOT +16.6% (also authorizes new $200 mln share repurchase program), TOI +15.2%, DLO +14.9%, IBTA +11.3%, STE +3.5%, NXT +2.7% (also acquires Bentek), CSCO +2.1% (also CFO to retire, names new CFO)

Companies trading higher in after hours in reaction to news: FL +62.6% (DKS nearing deal to acquire FL for approx $24/sh, according to WSJ), EE +2.6% (completes acquisition of NFE's assets and operations in Jamaica), ILMN +2% (CEO and CFO disclose purchases totaling 18,450 shares combined), HTLD +1.9% (sees more insider buying activity), THS +1.8% (10% owner JANA Capital confirms purchase of another 339,000 shares), AMBC +1.7% (CEO disclosed the purchase of 40,000 shares), TXG +1.5% (TXG and BRKR reach settlement of patent litigation), ABCL +0.1% (receives authorization from Health Canada to initiate trial of ABCL635), TAK +0.1% (NEJM publishes data from Phase 2b Trial), MRK +0.1% (FDA approves WELIREG), BAH +0.1% (awarded a $209.9 mln US Air Force task order)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: NFE -30.9% (also completes sale of assets and operations in Jamaica), DXC -13.4% (also extends CEO and CFO employment agreements), RCAT -10.4%, CRWV -6.5%, JACK -4.6%, LAZR -1.7% (also names former Nuance exec as new CEO), BZAI -1.1%

Companies trading lower in after hours in reaction to news: DKS -5.1% (DKS nearing deal to acquire FL for approx $24/sh, according to WSJ), GPRK -2.9% (provides update on transaction in Argentina), PNBK -2.2% (files for $250 mln mixed securities shelf offering), IRT -1.3% (increases dividend), RUM -0.4% (David Boies joins Rumble legal team in case against Google), SPIR -0.3% (selected by Space Systems Command for contract), CWT -0.2% (files for share common stock offering), ONC -0.1% (presents new data), PAG -0.1% (increases dividend and increase repurchase authorization by $250 mln), RKLB -0.1% (selected by NASA to launch its Aspera mission), CHCT -0.1% (President / CEO discloses the purchase of 10K shares)

>>> US Close Dow -0.21% S&P +0.10% Nasdaq +0.72% Russell -0.83%

Closing Stock Market Summary
The stock market settled in mixed fashion. The Dow Jones Industrial Average closed fractionally lower, the Nasdaq Composite logged a 0.7% gain, and the S&P 500 settled little changed from yesterday.

The outperformance of the Nasdaq was driven by ongoing buying in mega caps, chipmakers, and growth stocks. NVIDIA (NVDA 135.34, +5.41, +4.2%) was an influential winner in that regard.

The Vanguard Mega Cap Growth ETF (MGK) was 0.8% higher, the PHLX Semiconductor Index (SOX) logged a 0.6% gain, and the Russell 3000 Growth Index closed 0.6% higher.

There was less enthusiasm for other areas of the equity market. The equal-weighted S&P 500 registered a 0.6% decline. Participants were lacking conviction on either side of the tape due to an emerging view that stocks are overbought in the short-term.

Market participants are also closely watching the Treasury market. The 10-yr yield settled three basis points higher at 4.53% and the 2-yr yield settled three basis points higher at 4.05%, contributing to some selling pressure for equities.


Shares of American Eagle Outfitters (AEO 11.90, -0.82, -6.5%) declined after retracting financial guidance due to economic uncertainty.

Dow component Boeing (BA 204.72, +1.30, +0.6%) was another individual standout after Qatar Airways announced that the carrier will purchase up to 210 widebody jets, which sets new records as the largest widebody order for Boeing.
  • S&P 500: +0.2% YTD
  • Dow Jones Industrial Average: -1.2% YTD
  • Nasdaq Composite: -0.9% YTD
  • S&P Midcap 400: -2.3% YTD
  • Russell 2000: -6.6% YTD

Reviewing today's economic data:
  • Weekly MBA Mortgage Applications Index 1.1%; Prior 11.0%
  • Weekly EIA Crude Oil Inventories showed a build of 3.45 million barrels versus last week's draw of 1.11 million barrels

Looking ahead to Thursday, market participants receive the following economic data:
  • 8:30 ET: April PPI (consensus 0.3%; prior -0.4%), Core PPI (consensus 0.3%; prior -0.1%), April Retail Sales (consensus 0.2%; prior 1.4%), Retail Sales ex-auto (consensus 0.5%; prior 0.5%), May Empire State Manufacturing (consensus 1.0; prior -8.1), May Philadelphia Fed (consensus -6.0; prior -26.4), weekly Initial Claims (consensus 226,000; prior 228,000), and Continuing Claims (prior 1.879 mln)
  • 9:15 ET: April Industrial Production (consensus 0.3%; prior -0.3%) and Capacity Utilization (consensus 77.9%; prior 77.8%)
  • 10:00 ET: May Business Inventories (consensus 0.2%; prior 0.2%) and May NAHB Housing Market Index (consensus 40; prior 40)
  • 10:30 ET: Weekly natural gas inventories (prior +104 bcf)

WSJ : Warren Buffett Reveals He Stepped Down After Finally Feeling His Age

Warren Buffett Reveals He Stepped Down After Finally Feeling His Age
The legendary investor, 94, opens up about his decision to hand the top job to Greg Abel; ‘How do you know the day that you become old?’

Warren Buffett can’t put his finger on exactly when he decided to hand over the reins of Berkshire Hathaway BRK.B -1.57%decrease; red down pointing triangle to Greg Abel.

But in recent years Buffett observed just how much energy his appointed successor brought to each working day. And how his own days had slowed. The two men were operating at different speeds—increasingly so.

“There was no magic moment,” Buffett, now 94, said in an interview with The Wall Street Journal. “How do you know the day that you become old?”

Berkshire shareholders and onlookers have long wondered how anyone could replace Buffett, for decades a towering figure in American business and finance. But as he passed his 90th birthday, Buffett began to experience something most people come to accept much earlier in life: his age.

“I didn’t really start getting old, for some strange reason, until I was about 90,” he said by phone from his office in Omaha, Neb. “But when you start getting old, it does become—it’s irreversible.”

He began to lose his balance, occasionally, and sometimes had trouble recalling a person’s name. Suddenly, the newspapers he read looked like they were printed with too little ink.

In the past year, those thoughts and feelings cohered into a decision. On May 3, at the Berkshire annual meeting, Buffett stunned the investing world when he revealed in the final minutes of his question-and-answer session his plan to step down as CEO in December and make way for Abel. Buffett will continue to serve as chairman of Berkshire’s board and has set no timeline for staying in that role.

Those filling the arena in Omaha fell silent as Buffett spoke before breaking into applause. Not even Abel, who was sharing a stage with him at that moment, knew what was coming.

Abel, 62, joined Berkshire through its 1999 investment in MidAmerican Energy, a Des Moines, Iowa, utility. Impressed with his successes in building out the company’s energy business, Buffett promoted Abel to vice chairman in 2018 and put him in charge of all of Berkshire’s noninsurance operations. By 2021, he was Buffett’s pick to succeed him as CEO.

“Really great talent is rare,” Buffett said. “It’s rare in business. It’s rare in capital allocation. It’s rare in almost every human activity you can name.”

Buffett was just 34 when he took control of Berkshire, then a struggling New England textile maker, in the spring of 1965. Over the years, he built it into a behemoth. Berkshire operates insurance companies, utilities and a railroad, as well as household brands from Dairy Queen to Duracell. The company’s massive stock portfolio holds big chunks of Apple and American Express.

As Berkshire evolved from Buffett’s investment vehicle to a sprawling conglomerate with nearly 400,000 employees, the skills required to keep the company humming changed, too. Buffett has praised Abel as both a manager and a dealmaker.

“The difference in energy level and just how much he could accomplish in a 10-hour day compared to what I could accomplish in a 10-hour day—the difference became more and more dramatic,” Buffett said. “He just was so much more effective at getting things done, making changes in management where they were needed, helping people that needed help someplace, but just all kinds of ways.

“It was unfair, really, not to put Greg in the job,” he added. “The more years that Berkshire gets out of Greg, the better.”

Few expected to hear those words in 2025. Many observers had thought Buffett might stay at Berkshire’s helm until he died. But Buffett said he never considered himself Berkshire’s CEO for life.

“I thought I would remain CEO as long as I thought I was more useful than anybody else, in terms of being CEO,” he said. “And it surprised me, you know, how long it went.”

And while his days as the CEO are now numbered, Buffett said he intends to keep working.

“My health is fine, in the sense that I feel good every day,” he said. “I’m here at the office and I get to work with people I love, that they like me pretty well, and we have a good time.”

While Buffett acknowledged his advancing age has dulled some of his abilities, he said he still possesses what is perhaps his most-prized, and rare, talent as an investor.

“I don’t have any trouble making decisions about something that I was making decisions on 20 years ago or 40 years ago or 60 years,” he told the Journal. “I will be useful here if there’s a panic in the market because I don’t get fearful when things go down in price or everybody else gets scared.

“And that really isn’t a function of age.”

Abel is the same way, Buffett said. While Abel’s assignment in recent years has been overseeing subsidiary companies, Buffett said he is also a successful investor. A buildup in Berkshire’s enormous pile of cash and Treasurys has drawn attention lately, as observers wonder where the company will find its next deal.

“He will have ideas about where money should be invested,” Buffett said.

The Abel era at Berkshire begins in less than eight months. And when it does, Buffett won’t be far. He plans to keep coming into his Omaha office.

“I’m not going to sit at home and watch soap operas,” he said with a laugh. “My interests are still the same.”

>>> Lansdowne Partners discloses updated portfolio positions in 13F filing: New

Lansdowne Partners discloses updated portfolio positions in 13F filing: New BABA position, Increased FCX B LIN holdings
Highlights from Q1 2025 filing as compared to Q4 2024 (all amounts are approximate):
  • New positions in: BABA (3K)
  • Increased positions in: FCX (to 558K from 279K), B (to 101K from 36K), LIN (to 445K from 420K), FTV (to 27K from 13K), ROK (to 16K from 6K), FLUT (to 5K from 3K), TXN (to 17K from 16K),
  • Closed positions in: RYAAY (from 291K), ETN (from 82K), MRNA (from 35K), BILI (from 34K), ZH (from 21K), VMC (from 1K)
  • Decreased positions in: SW (to 1.9 mln from 4.2 mln), DAL (to 2 mln from 3.4 mln), TSM (to 498K from 1.7 mln), CRH (to 1.1 mln from 2 mln), IONQ (to 494K from 1 mln), AMZN (to 17K from 155K), ADI (to 197K from 280K), GOLF (to 542K from 563K), MAR (to 2K from 10K), AEM (to 5K from 6K)

>>> Boeing and Qatar Airways announces the carrier will purchase up to 210 wideb

Boeing and Qatar Airways announces the carrier will purchase up to 210 widebody jets, which sets new records as the largest widebody order for Boeing, including the largest order for 787 Dreamliners and Qatar Airways largest-ever order.
  • This purchase, which also includes additional orders for Boeing's new 777-9, will support approximately 400,000 jobs in the U.S. and position the award-winning Middle Eastern airline for further international expansion.
  • The order includes:
    • 130 787 Dreamliners, the long-range, ultra-efficient widebody airplane family that has delivered a 25% fuel-use improvement compared to airplanes it replaces and superior comfort for passengers. Ten orders were previously booked as unidentified.
    • 30 777-9s, the world's largest twin-engine airplane that is designed to set new standards in efficiency by reducing fuel use and emissions by 25% compared to the airplanes it replaces, while elevating the passenger flight experience.
    • Options for an additional 50 787 and 777X airplanes.

(Makor) VOW Universe Update

 VOW Universe Update



All,

 

Find below an update on VOW and PAH3 including:

 

  1. Update on the VOW3-VOW share class
  2. Updated VOW SOP & Stub value (as of Q1 2025)
  3. Updated PAH3 SOP (as of Q1 2025)

 

 

1/ VOW3-VOW share class


VOW3, the most liquid line is currently trading at a 2.1% discount to VOW. This is the tightest level ever and the spread has been trading there since the beginning of 2025.


The spread started to significantly tighten in Jun 2024 ahead of VOW’s MSCI exclusion (Aug 2024). The next reviews Euro Stoxx 50 are quarterly June 2025 (review announced Jun 2, effective Jun 16) and in semi-annual in September 2025 (annual review announced Sep 1, effective Sep 15).

VOW3 is currently one the bottom 5 components of the Euro Stoxx 50 by free float market cap, only after Kering, Stellantis, Pernod; and could potentially be excluded from the index in September if the underperformance continues.

If such a scenario were to materialise, this could have a significant impact on VOW3 price as well as the spread.


We believe a Long VOW GY / Short VOW3 GY position is attractive.

Some a reluctant to consider such a position due to liquidity but setting up this spread today, you would be short the most liquid line which is a much more comfortable position.


VOW3-VOW Share class profile since Jan 2023:

 

 

2/ VOW SOP & Stub update


  

VOW is trading at a 47.6% discount to its NAV.

VOW is more of a stub than a holding play and we do not see it as attractive in current market conditions.

 

Updated VOW SOP (as of Q1 2025):

 

 

 

VOW implied stub value:

 

 

 


3/ PAH3 SOP update

 

PAH3 is trading at a 26.0% discount to its NAV (Q1 results released on May 14th).


PAH3 holding discount has tightened recently. Indeed, VOW has outperformed PAH3 but P901 has significantly underperformed PAH3 hence the holding discount tighter.

We do not see a trade on this holding for now even if a long holding could be used as an alternative to our suggested VOW share class trade.

 

Updated PAH3 SOP (as of Q1 2025):

 

 



David Darmouni
Equity Sales
Makor Securities London Ltd. | Makor Group
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FT : French IT group Atos shelves asset sales to tap into higher military spendi

French IT group Atos shelves asset sales to tap into higher military spending
Seventh CEO in four years launches strategy to put ‘madness’ of past restructurings behind the company

Atos will suspend plans to sell some strategic assets in defence and cyber security as the French IT services group seeks to put the “madness” of past restructurings behind it and benefit from an increase in Europe’s military spending.

Chief executive Philippe Salle said the company wanted to carve out a position for itself in the continent’s push for defence autonomy, rather than selling assets cheaply when demand for their services was growing.

Salle, who took up his post in February, unveiled the troubled group’s latest strategic plan on Wednesday, having agreed a restructuring plan with its creditors last year. Atos has racked up almost €5bn in debt in recent years following an acquisition spree and a botched plan to split the group. 

As part of the relaunch, Salle has decided to halt efforts to sell the group’s Mission Critical Systems business — which runs communication and command systems for key French military assets, including communications for Dassault’s Rafale fighter jets — and cyber security products. 

“It’s not the right time [to sell] because these are players who work in defence, in markets that are experiencing double-digit growth . . . I’m not going to sell at the low point,” Salle told the Financial Times

The French state, concerned that the company might collapse or be sold to a foreign interest, had pushed Atos to sell these sensitive business units to another French operator at the height of its troubles last year.

“If at some point the state tells me that these are really not things that we should keep, we’ll see, but one thing is certain: I really won’t sell now,” Salle added.

As geopolitical tensions ratchet up, notably between Europe and the US under President Donald Trump, Salle said Atos can position itself to be the European option for clients who “want to reduce the weight of non-European actors” they rely on for their IT services. 

“I think we have a real card to play because we are indeed a European player who offers almost a complete portfolio of services,” he said. 

A series of crises at Atos sent the shares down 96 per cent over the past three years, with Salle the seventh chief executive for the company since 2021.

Negotiations with the French state to buy Atos’s advanced computing activities — which are vital for national security and used for nuclear testing — are ongoing, the company said, with an exclusivity period that runs until the end of May. The current enterprise value being discussed is €500mn, though that could be increased to €625mn including earnouts from the business, Atos said.

The new strategy envisions returning the group to positive organic revenue growth next year while cutting costs and simplifying its structure. Atos aims to bring revenues to €10bn by 2028, aiming for an operating margin of 10 per cent. It also wants to regain an investment-grade credit rating. 

Salle said: “The message is: Atos is back. We’re alive, we’re moving, we’re regaining market share that we’ve lost. And we’re lining ourselves up to start growing again.”