Overview

• Orange, Iliad and Bouygues said they submitted a non-binding €17 billion proposal for most of Altice France’s assets, implying a valuation of about €21 billion.
• The plan envisaged splitting SFR’s operations with Bouygues taking 43%, Iliad 30% and Orange 27%.
• Altice CEO Arthur Dreyfuss told employees the offer was received and immediately rejected.
• Paris-listed telecom shares advanced after the bid disclosure, with Bouygues up around 8% and Orange up about 3% as the CAC 40 climbed more than 2%.
• Any renewed approach would require rigorous French and EU antitrust review, set against Altice’s court-approved debt reduction to €15.5 billion with creditors now holding 45%.