SFR: Martin Bouygues written and Vivendi holds new threats
INFO LE FIGARO - In a letter to Le Figaro is provided, the boss of Bouygues lists the legal obstacles which, according to him, are opposed to the sale of SFR-Numericable Altice.
The threat is veiled. Thursday night, Martin Bouygues has sent a letter to members of the Supervisory Board and the Management Board of Vivendi , and their respective presidents, Jean-René Fourtou and Jean-François Dubos. In this letter, Martin Bouygues lists the legal obstacles identified by its services to a transfer of SFR to Altice-Numericable , while the next few hours will be crucial. It's Friday afternoon that should hold a supervisory board of Vivendi during which the sale of SFR Altice-Numericable could be decided.
Three locking points listed by Bouygues
• To Bouygues, Vivendi and its supervisory board relied "on boards that play a central role in financing Numericable." In his letter, Martin Bouygues cites Goldman Sachs "a Vivendi advice" and "one of the major banks that arranged the financing Numericable" and Deutsche Bank, working with the Supervisory Board of Vivendi, and for the same reasons . "These banks have an important role to which that offer Altice / Numericable financial interest is retained, with the risk that this conflict carries the preferred Altice / Numericable option."
• Bouygues questions "about the possibility of carrying out the assignment Vivendi SFR without subjecting this decision at the general meeting of its shareholders" while SFR is "a major part of Vivendi." A vote at a general meeting repel all the conclusion of an agreement between Vivendi and SFR purchaser. The law does not require it, but the code AFEP-MEDEF Corporate Governance adopted by Vivendi recommended.
• Finally, Martin Bouygues reiterates his belief in "the risk specific to the significant execution-Numericable offers Altice." Citing an article in the Monetary and Financial Code, the boss of Bouygues stresses "that a foreign investor is both a company whose registered office is in a member of the European Union or a natural person of French nationality condition but non-resident in France. " Adding to that the strategic nature of telecom operators, he concludes that "the takeover by a foreign company (...) a telecom operator involves obtaining prior authorization from the Minister of the Economy." In this case, Arnaud Montebourg
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Contacted by Le Figaro, Vivendi has so far not responded directly to this new offensive Bouygues. Le Nouvel Obs had already raised the conflict of interest between Vivendi and its financial advisors in an article dated April 3. Vivendi reacted immediately, releasing on Thursday late afternoon the following statement:
"Following the article posted today on the Nouvelobs.com entitled" Sale of SFR: conflicts of interest in Vivendi ", Jean-René Fourtou, Chairman of the Supervisory Board of Vivendi gave instructed his lawyer to pursue defamation remarks considered. Banks have very strict procedures BNP Paribas is one of the syndicate who is also finance and Bouygues Board of Vivendi. "
Similarly, Altice-Numericable nationality has already been mentioned by Bouygues. A spokesman Numericable, recalled on Thursday that "Numericable, through its subsidiary Completel already has contracts with sensitive departments." A connoisseur of legal workings reminded that "we can not discriminate between a French company and a European. There are many other cases in Europe where operators are owned by foreign companies, such as Orange in several countries. "
