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A Bouygues Board of Directors was convened on Tuesday to study the offer of SFR. Purposeful, Martin Bouygues continues to push these advances to raise the stakes. "The offer of Drahi is inappropriate and not fastened, including its financing, 'says one of his lieutenants. The CEO of Bouygues remembers IL CACHE well her game. By dint of repeating that he has "the peasant mind," in contrast to its competitors obsessed with their share price, it is neither énarque as the CEO of Orange, or polytechnic, such as SFR, the more I believe that the son of Francis Bouygues is exceeded. Almost old-hat by the financial Patrick Drahi (SFR), the bluffer Xavier Niel (Free) or the clever Stephane Richard (Orange). In February, during the publication of the 2014 accounts the group, he had insisted he would not sell Bouygues Telecom. "You would sell your wife? "Had he dropped the JDD.

Obviously, it was to send the signal to his opponents that he would not let eaten alive. Whoever hunting every weekend in Sologne was able to play for time to climb trees impatient Patrick Drahi. Though weakened, he resisted to reverse the balance of power and must go. If he sells his phone subsidiary nearly 11 billion euros, Martin Bouygues receive an unexpected jackpot while the market value between 3 and 5 billion ... Eleven billion is almost the battle for SFR, year past. His perseverance had forced the flamboyant Drahi to add 2 billion cash at the last night of negotiations. This time, Martin Bouygues gets the message that it would be prepared to sell its subsidiary, he created twenty years ago, to 11 billion. According to a source close to the negotiations, SFR could improve its offer by Tuesday council to win the bet. Martin Bouygues wants to bend his rival. He also wants SFR value of all the Bouygues group in Exchange. A stroke of poker that financial appreciate.

Last year, he had already sold Alstom, in which it held 30% to 12 billion. It will recover 1.2 billion in the form of share repurchases. In total, his war chest could reach 12 billion euros in cash. What ferat- it? His family stress that Martin Bouygues dream of closing his career - he has 63 and leads the group for twenty-six years - by locking the control of his family on the empire of BTP. A dream unfulfilled by Francis assumes all risk of competition. "Offers of Drahi, it receives every two weeks, irritated a group administrator. If his is conditional on approval from the Competition Authority, it will not look the same. "

If he touches a check for nearly $ 11 billion, Martin Bouygues will have achieved a tour de force. For two years, all his opponents have tried to make him give in to nothing. After several successive refusals, he would succeed Bouygues. Today, he and his brother hold only 20%.

Climbing above 50%, he would bequeath to his three children a secure group. Away from small 6% he inherited on the death of his father in 1993 and earned him a violent offensive by Vincent Bolloré four years later. Others attribute to him views on major French companies like Veolia to enjoy its international exposure. But the adventure Alstom cooled. Unless the combative Martin Bouygues only to start all hunting. P. Towards a rise in prices?

For his part, Patrick Drahi would complete its fourth major acquisition in a year after SFR, Portugal Telecom and Suddenlink in the United States. By acquiring Bouygues, SFR will become the first mobile operator with half of the market and the other for Internet access behind Orange. But Drahi will add 10 billion debt to his group Altice, who already accumulates 32 billion ... The Stock Exchange during Bouygues, SFR, Orange and Free are expected to fly tomorrow, all investors speculating on a market concentration to three operators .

Ultimately, marriage SFRBouygues Telecom will be complex. Analysts at BNP Paribas estimate that by 2020 the new group could lose 8% market share in favor of Free ... who would recover naturally subscribers. Xavier Niel and double its market share from 10% to 20% without spending a fortune. The question is whether the return to three operators would cause a rise in prices. Unlikely in the mobile, which remains a product of call where the troublemaker Free low cost has made his trademark. However, they could increase for Internet box, whose clients movements are weak. SFR setting the fiber to inflate its prices and margins, as Orange. Those of Free are already 40%.

Patrick Drahi renewed the assault of Bouygues Telecom. According to several sources, the owner of SFR presented there ten days a takeover offer from a subsidiary of the Bouygues group. A new offensive, which this time could be right. Because the new tycoon puts on the table a little more than 10 billion euros. A very high amount, 25% more than the 8 billion estimated by the markets. Patrick Drahi proposes to pay in cash, with a new loan from BNP Paribas. It would take over all of Bouygues Telecom and its 11 million mobile customers.

To avoid obstacles on competition, Patrick Drahi found, after difficult negotiations, an agreement with his rival Xavier Niel, who will take over part of frequencies, antennas and Bouygues shops. In 2014, Free had already offered to buy the network for € 1.8 billion. SFR must also respect until 2017 an obligation to maintain employment, which would be impossible to keep up with Bouygues as duplicates are important. Thus Orange, whose CEO, Stéphane Richard, grows continually consolidation of the French market, entered the game. The incumbent would take several hundred employees of Bouygues Telecom to ensure social guarantees, advance a blank check from the government. The 30,000 retirements will manage Orange 2020 will allow it to absorb the new workforce. In return, he could ask to recover subscribers such as, for example, Virgin Mobile. Betting unlikely to raise the stakes to an unimaginable level. More than 7.5 billion Patrick Drahi had proposed earlier this year. Nearly double the $ 6 billion that Free had offered last year. Revenge, while relatives and bankers have, each time, pushed to sell. A lesson given to the establishment of business that mocks the last two years, explaining "not understand the psychology of Martin Bouygues'.

Un conseil d’administration de Bouygues a été convoqué pour mardi afin d’étudier l’offre de SFR. Tenace, Martin Bouygues continue de repousser ces avances pour faire monter les enchères. « L’offre de Drahi n’est pas convenable et pas bouclée, notamment son financement » , lâche un de ses lieutenants. Le PDG de Bouygues se souvient de IL CACHE bien son jeu. À force de répéter qu’il a « l’esprit paysan » , à l’inverse de ses concurrents obsédés par leur cours de Bourse, qu’il n’est ni énarque, comme le PDG d’Orange, ni polytechnicien, comme celui de SFR, on finit par croire que le fils de Francis Bouygues est dépassé. Presque ringardisé par le financier Patrick Drahi ( SFR), le bluffeur Xavier Niel ( Free) ou l’habile Stéphane Richard ( Orange). En février, lors de la publication des comptes 2014 de son groupe, il avait martelé qu’il ne vendrait pas Bouygues Telecom. « Vous vendriez votre femme ? » , avait- il lâché au JDD.

Évidemment, il s’agissait d’envoyer le signal à ses adversaires qu’il ne se laisserait pas manger tout cru. Celui qui chasse tous les week- ends en Sologne a su jouer la montre pour faire grimper aux arbres l’impatient Patrick Drahi. Bien que fragilisé, il a su résister pour renverser le rapport de force et se rendre incontournable. S’il vend sa filiale de téléphonie près de 11 milliards d’euros, Martin Bouygues touchera un jackpot inespéré alors que les marchés la valorisent entre 3 et 5 milliards… Onze milliards, c’est presque la la bataille pour SFR, l’an passé. Sa persévérance avait obligé le flamboyant Drahi à ajouter 2 milliards de cash lors de la dernière nuit de négociations. Cette fois, Martin Bouygues fait passer le message qu’il serait prêt à vendre sa filiale, qu’il a créée il y a vingt ans, pour 11 milliards. Selon une source proche des négociations, SFR pourrait améliorer son offre d’ici au conseil de mardi pour remporter la mise. Martin Bouygues veut faire plier son rival. Il souhaite aussi que SFR valeur de tout le groupe Bouygues en Bourse. Un vrai coup de poker que les financiers apprécieront.

L’an passé, il avait déjà vendu Alstom, dont il détenait 30 %, pour 12 milliards. Il en récupérera 1,2 milliard sous forme de rachat d’actions. Au total, son trésor de guerre pourrait s’élever à 12 milliards d’euros en cash. Qu’en ferat- il ? Ses proches soulignent que Martin Bouygues rêve de clore sa carrière – il a 63 ans et dirige le groupe depuis vingt- six ans – en verrouillant le contrôle de sa famille sur l’empire du BTP. Un rêve inassouvi par Francis assume tous les risques de concurrence. « Des offres de Drahi, on en reçoit tous les quinze jours, s’agace un administrateur du groupe. Si la sienne est conditionnée au feu vert de l’Autorité de la concurrence, on ne la regardera même pas. »

S’il touche un chèque de près de 11 milliards, Martin Bouygues aura réalisé un véritable tour de force. Depuis deux ans, tous ses adversaires ont tenté de le faire céder à vil prix. Après plusieurs refus successifs, il réussirait le Bouygues. Aujourd’hui, lui et son frère n’en détiennent que 20 %.

En montant au- delà de 50 %, il léguerait à ses trois enfants un groupe sécurisé. Loin des petits 6 % dont il a hérité à la mort de son père en 1993 et qui lui valurent une offensive violente de Vincent Bolloré quatre ans plus tard. D’autres lui prêtent des vues sur des grands groupes français comme Veolia pour profiter de son exposition à l’international. Mais l’aventure Alstom l’a refroidi. À moins que le combatif Martin Bouygues ne reparte à la chasse. M. P. Vers une remontée des prix ?

De son côté, Patrick Drahi bouclerait sa quatrième grosse acquisition en un an après SFR, Portugal Telecom et Suddenlink aux ÉtatsUnis. En rachetant Bouygues, SFR deviendra le premier opérateur mobile avec la moitié du marché et le deuxième pour l’accès à Internet derrière Orange. Mais Drahi ajoutera 10 milliards de dettes sur son groupe, Altice, qui en accumule déjà 32 milliards… Les cours de Bourse de Bouygues, SFR, Orange et Free devraient s’envoler demain, tous les investisseurs spéculant sur une concentration du marché à trois opérateurs.

À terme, le mariage SFRBouygues Telecom sera complexe. Les analystes de BNP Paribas estiment que d’ici à 2020 le nouveau groupe pourrait perdre 8 % de parts de marché au profit… de Free, qui récupérerait naturellement des abonnés. Xavier Niel doublerait ainsi sa part de marché de 10 % à 20 % sans dépenser des fortunes. Reste à savoir si le retour à trois opérateurs provoquerait une remontée des prix. Peu de chances dans le mobile, qui reste un produit d’appel où le trublion Free a fait du low cost sa marque de fabrique. En revanche, ils pourraient augmenter pour les box Internet, dont les mouvements de clients sont faibles. SFR mise sur la fibre pour gonfler ses prix et ses marges, tout comme Orange. Celles de Free sont déjà de 40 %.

Patrick Drahi repart à l’assaut de Bouygues Telecom. Selon plusieurs sources, le propriétaire de SFR a présenté il y a dix jours une offre de rachat de la filiale du groupe Bouygues. Une nouvelle offensive, qui pourrait cette fois être la bonne. Car le nouveau tycoon met sur la table un peu plus de 10 milliards d’euros. Un montant très élevé, de 25 % plus cher que les 8 milliards estimés par les marchés. Patrick Drahi propose de payer en cash, grâce à un nouvel emprunt auprès de BNP Paribas. Il reprendrait la totalité de Bouygues Telecom et ses 11 millions de clients mobile.

Pour éviter des obstacles en matière de concurrence, Patrick Drahi a trouvé, après des négociations difficiles, un accord avec son rival Xavier Niel, qui reprendra une partie des fréquences, des antennes et des boutiques de Bouygues. En 2014, Free avait déjà proposé de racheter le réseau pour 1,8 milliard d’euros. SFR doit aussi respecter jusqu’en 2017 une obligation de maintien de l’emploi, qui serait impossible à tenir avec Bouygues tant les doublons sont importants. C’est ainsi qu’Orange, dont le PDG, Stéphane Richard, pousse sans cesse à une consolidation du marché français, est entré dans le jeu. L’opérateur historique reprendrait plusieurs centaines de salariés de Bouygues Telecom pour assurer les garanties sociales, préalable à un blanc- seing du gouvernement. Les 30.000 départs à la retraite qu’Orange va gérer d’ici à 2020 lui permettront d’absorber ces nouveaux effectifs. En contrepartie, il pourrait demander de récupérer des abonnés comme ceux, par exemple, de Virgin Mobile. pari improbable de faire monter les enchères à un niveau inimaginable. Bien plus que les 7,5 milliards que Patrick Drahi avait déjà proposés en début d’année. Près du double des 6 milliards que Free avait offerts l’an passé. Une revanche, alors que ses proches et ses banquiers l’ont, à chaque fois, poussé à vendre. Une leçon donnée à l’establishment des affaires qui le moque depuis deux ans, expliquant « ne plus comprendre la psychologie de Martin Bouygues » .

Afren, a UK-listed oil and gas company, has published a prospectus for its proposed restructuring. An excerpt from Afren’s stock exchange announcement of 19 June follows:

Launch of the Proposed Debt Restructuring and Refinancing

Afren plc ("Afren", the "Company" or the "Group"), (LSE: AFR) today announces the publication of a prospectus and circular to shareholders relating to its proposed Restructuring, including the Open Offer to shareholders, the receipt of an additional USD 148m in net cash proceeds and the proposed restructuring of the Company's outstanding Notes.

The Directors believe that the Restructuring is in the best interests of the Company and for the benefit of all stakeholders.

Commenting today, Egbert Imomoh, Chairman of Afren plc, said:

"Afren Shareholders have been through an incredibly difficult period in the life of the business, and the next steps, whilst complex, are essential if we want to successfully emerge from this period on a value growth trajectory. I am clear that the only viable course of action for the business is to progress through the proposed refinancing process; it offers the only secure route to relieve the unsustainable debt burden, and support Afren's recovery. "

Commenting today, Alan Linn, CEO of Afren plc, said:

"I believe Afren has significant potential within its core Nigerian portfolio which will enable us to successfully emerge from this period and provide growth to all shareholders. The recommended restructuring, combined with the open offer, is the only viable opportunity for our shareholders to realise any value from their investment in the company. I urge all Afren shareholders to recognise this fact and vote to retain their active interest in the company by voting in favour of the proposed debt restructuring and refinancing."

SHAREHOLDERS SHOULD VOTE IN FAVOUR OF THE RESTRUCTURING

In the opinion of the Directors, voting for the Resolution and authorising the implementation of the Restructuring will:

Provide Existing Shareholders the only opportunity to realise value and participate in the recovery of the Group

Provide Existing Shareholders an opportunity to participate in the Open Offer to increase their ownership position on favourable terms

Improve the capital structure of the Group to provide it the time to implement its business plan and grow the value of its assets

Prevent a formal insolvency filing

If Shareholders do not approve the Resolution at the General Meeting, Existing Shareholders have no prospect of any value. Upon a No vote:

The restructuring will still proceed without delay

The amount of debt will increase by approximately USD 266m immediately as compared to a Yes vote and the interest rates on the Group's new debt will cause outstanding debt to increase significantly. There is no value for shareholders unless and until all of this debt is repaid

Holders of the New Senior Notes will have security over all of the Group's operating subsidiaries

The Company will be required to have entered into an agreement by no later than 31 December 2016 to sell all of its assets. These assets can be sold to any party, including the Noteholders, and can be completed with or without shareholder approval.

The Directors consider that if Shareholders do not approve the Resolution at the General Meeting, the Shareholders would be unlikely to receive any proceeds from the sale of the Group or the required disposal of the Group's assets or other return of income or capital by the Company, and therefore the Shareholders would be unlikely to see any return of their current investment.

In the Board's opinion, the Restructuring, including the Open Offer is in the best interests of Afren and the Shareholders taken as a whole. Accordingly, the Afren Board unanimously and strongly recommends Shareholders to vote in favour of the Resolution to be proposed at the General Meeting, as all Directors have irrevocably undertaken to do in respect of their own beneficial holdings of Existing Shares, amounting to 6,640,839 Existing Shares and 0.6% of the total number of votes available to be cast at the General Meeting.

Terms of the Restructuring

The principal components of the Restructuring comprise:

the implementation of a scheme of arrangement in respect of the Existing Notes, including:

o the issue of approximately USD 369m of new high yield notes due 2017 to refinance and repay the Bridge Securities and to provide an additional USD 148m in net cash proceeds to the Group;

o the conversion of approximately USD 234m of the Existing Notes (representing 25% of the 2016 Notes, the 2019 Notes and the 2020 Notes) into new Ordinary Shares in the Company, representing 80% of the existing issued share capital; and

o the remainder of the Existing Notes to be cancelled and reissued in equal amounts of approximately USD 350m each of new notes due December 2019 and December 2020 respectively, with an annual interest rate of 9.1%;

the issue of additional new Ordinary Shares, equal to 50% of the issued share capital of the Company following the Debt for Equity Swap described above, to holders of the New Senior Notes;

the issue of up to £49.2m (approximately USD 75m) of new Ordinary Shares by way of an open offer to Shareholders at 1 pence per Open Offer Share;

the issue of new Ordinary Shares, equal to 10% of the fully diluted share capital of the Company following the completion of the Open Offer, to holders of the New Senior Notes in order of priority of their agreement to subscribe for the New Senior Notes;

the issue of new Ordinary Shares, equal to 5% of the fully diluted share capital of the Company following the completion of the Open Offer, to the holders of the Bridge Securities in partial repayment of the Bridge Securities;

the entry into an amended term facility with the Ebok Lenders, including to extend the period for repayment of the USD 300m Ebok Facility until June 2019; and

the entry into an amended loan agreement with the Okwok/OML 113 Lender, including to extend the period for repayment of the USD 50m Okwok/OML 113 Facility until June 2019.

These summary highlights should be read in conjunction with the further details of the Restructuring, which are set out below.

The Restructuring will be implemented by means of a scheme of arrangement of the Existing Notes under the Companies Act 2006. The terms of the Restructuring, but not its implementation, are also subject to the approval of Shareholders in general meeting.

Information on the proposed refinancing is available at www.afrenegmvote.com

link to publication : http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12396935.html