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Bouygues remains very confident in the success of its bid for SFR. Evidenced by the non-performance that would have been included in the new proposal was made Thursday night at Vivendi for the redemption of the second French telecom operator. The information revealed by the website "La Tribune" yesterday, confirmed the "Echos" by a source. The amount of this clause approaching 500 million euros, according to our information. The construction group has undertaken to pay this amount if the merger between SFR and Bouygues Telecom would be blocked by the Competition Authority, or if requested by counterparties it proved too large relative to synergies announced (10 billion euros). Asked Bouygues did not wish to comment on the information.
"This is an argument for saying that their operation does not include contingencies," considered an expert in the sector. Competitive problem is thus considered as one of the main risks in the context of a marriage Bouygues, SFR, because the mobile market is dominated by two giants (with Orange), totaling nearly 90% market share. Bouygues estimates have already made strong guarantees sealing an agreement with him for Free resell its network and part of the spectrum for $ 1.8 billion.
"No excitement"
Nothing says that a clause of the same type has not been shown in the tender Numericable. Competitive risks were lower, but they exist as part of a rapprochement with the cable operator, including the distribution of TV content. If this were the case, the amount would probably be less. In the environment of Numericable entered into exclusive negotiations with Vivendi since March 14 until April 4, it is not moved by these revelations. "Teams normally work without any excitement," says a source close to society. So far, no increase in supply is the order of the day in the clan Patrick Drahi, founder of Numericable. The increase in the share of the cash offer would not necessarily be a decisive argument, according to its supporters. "What's important for Vivendi, is to be fluid and can quickly get out," one trusts of them. That Numericable, already listed, expects to make by offering a 32% stake in the new entity.
R. G. and S. G., Les Echos