The sale of SFR is still far from being concluded. This week, the takeover bid presented by Orange, Free and Bouygues Telecom was immediately rejected by its parent company, Altice France. The three operators put their €17 billion offer back on the table on Wednesday afternoon, paving the way for a possible move from four to three operators. But Patrick Drahi, the boss of Altice France, intends to up the ante. His creditors – who own 45% of the capital – have also aligned themselves with his position, according to The Figarowaiting for a higher offer.
The latter entered the capital after the restructuring of the group’s debt. As of October 1, this figure increased from more than 24 billion to 15.5 billion euros. The first repayment of this debt must take place in 2027, which gives Patrick Drahi time. Additionally, other actors are interested in SFR. Bloomberg In particular, he revealed that the Blackstone fund was studying the matter.
The unions call on the government
At the same time, the CFDT sent an “urgent meeting request” to the Minister of Economy on Thursday, October 16, regarding a possible sale of the SFR operator. The union, representative in SFR and in its parent company Altice France, alerts Minister Roland Lescure about the “important issues in terms of employment, digital sovereignty, competition and territorial cohesion” that an acquisition of the operator would raise.
The union also asks the Ministry for “guarantees that the State intends to apply”, particularly regarding the preservation of “employment and skills in the telecommunications sector.” “It is important that the government acts. The government cannot allow shareholders and creditors to decide the fate of thousands of jobs,” added Abdelkader Choukrane, elected member of the CSE and general secretary of the majority union Unsa in SFR.
“We were surprised to see that in the RTL interview, Roland Lescure only talked about competition issues, without saying anything about the foreseeable effects in terms of job destruction,” added Abdelkader Choukrane. The day after the offer by Bouygues Telecom, Free and Orange, the minister declared that he would be “extremely attentive” to “the impact on consumer prices” in the event of the acquisition of SFR.
The unions of the operator, which has 8,000 employees, have expressed fears for several months that the reduction of Altice France’s debt will lead to a “dismantling project.” The operation, which obtained approval from the economic activities court (formerly commercial court), was challenged by the CFDT, Unsa and the CSE. The three organizations have appealed the decision and a hearing is scheduled for November 4.
Source: BFM TV
