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Iliad Has Strong Negotiating Position for Bouygues Tel.: SocGen 2014-04-09 06:43:22.345 GMT
By Sam Chambers April 9 (Bloomberg) -- Iliad is the only potential buyer of Bouygues Telecom and should be able to agree an acquisition on favorable terms, SocGen says. * SocGen: Iliad has capacity to pay up to EU5b cash and keep its net debt/Ebitda below 3.0x, pre-synergies * Iliad would benefit from not having to pay roaming charges to Orange, which totalled EU730m in 2013 * Potential EU8b valuation of Bouygues Tel. cited in the French press is expensive; Iliad would be better off deploying its own network * In the event of a stock deal, doubtful that Xavier Niel would be willing to allow his stake to fall below 50% * NOTE: Xavier Niel holds 55.35% stake in Iliad: Bloomberg data * NOTE: In 2013, Iliad had 11.9% share of French wireless subscriber mkt. and Bouygues had a 16.5% share: Bloomberg Industries data
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To contact the reporter on this story: Sam Chambers in London at +44-20-7673-2021 or schambers7@bloomberg.net To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net