News
Cable group ups stake in French mobile operator by 5.2%
Altice plans to appeal the French competition watchdog’s decision to block its proposal to take full control of mobile operator SFR.
In early September, Altice made an offer for the remaining 22.25% of French mobile operator SFR it does not already own, and unveiled a plan to implement a group strategy – called the ‘Altice Way’ – that spans its various operations. The deal valued the SFR stake at around €2.46 billion.
However, earlier this month, the Autorité des Marchés Financiers (AMF) thwarted the cable group’s plan. Reuters reported at the time that Altice did not provide sufficient information to enable SFR’s minority shareholders to make an informed decision.
Altice said the ruling went "against the interests of both companies, their shareholders and employees," adding that it reserved the right to appeal.
"We have just been informed by Altice of its intention to appeal against our decision of non-compliance," said AMF in a report by Reuters on Friday.
The news emerged on the same day that Altice increased its stake in SFR by 5.21% to 82.94%. Under the private transactions, SFR shareholders received eight Altice common shares for five SFR shares. This was the same exchange rate offered by Altice when it attempted to take full control of SFR.
