The Czech billionaire argues his connection for Atos will supply speedy superior and a robust guidance for nan company.
French tech institution Atos, nan charismatic tech partner of nan 2024 Paris summertime Olympics, has seen sizeable takeover liking from Czech billionaire Daniel Kretinsky, besides known arsenic nan "Czech Sphinx". This has been done successful business pinch hedge money Attestor, arsenic good arsenic EP Group, Kretinsky's finance vehicle.
Kretinsky has precocious besides put guardant a takeover connection for nan UK's Royal Mail, citing disappointing work delivery, reducing financial capacity and a sluggish wide translator arsenic immoderate of nan main reasons down nan bid.
However, he has reassured Royal Mail's genitor company, International Distributions Services (IDS) that it would beryllium supporting nan institution each measurement of nan measurement to rebuild and modulation into a modern postal services provider.
Royal Mail has consistently grounded to meet targets for its first people and 2nd people deliveries since 2019 onwards.
Kretinsky's latest bid for Atos comes astatine a clip erstwhile nan French tech institution is exceptionally debt-laden, weighed down by immoderate €5 cardinal of debt. It has now announced that it would beryllium request astir €1.1 cardinal if it is to support operations moving until adjacent year.
Kretinsky has backed up his bid by arguing that it would supply speedy and easy capital, arsenic good arsenic much-needed guidance for Atos, which would yet thief it get backmost connected track, pinch a robust strategy.
Atos has besides received 3 different takeover bids, from Bain Capital, which it has chosen to decline, from a group of banks and bondholders from its ain banking group, arsenic good arsenic from Onepoint, successful business pinch Butler Industries.
Why could Kretinsky's bid for Atos beryllium problematic?
One of nan main reasons Kretinsky’s bid for Atos mightiness origin a fewer issues is owed to nan French authorities being rather opposed to overseas takeovers, having vocally expressed objections astatine different overseas bids, specified arsenic nan projected Danone takeover successful 2005 by PepsiCo.
Apart from nan Paris Olympic tech contract, Atos presently besides holds respective important authorities contracts, specified arsenic operating supercomputers for nan French atomic deterrent, arsenic good arsenic French subject contracts.
As such, Kretinsky's bid could beryllium subjected to accrued scrutiny by nan French authorities, which could perchance hold and complicate matters significantly. Given that Atos has already received important liking from different companies for a takeover, it whitethorn good take to judge 1 of nan different options, if ineligible complications for Kretinsky's bid spell connected excessively long.
Jean-Pierre Mustier, president of Atos SE said successful a statement: "I would for illustration to convey each of nan submitting parties for their refinancing proposals received arsenic portion of our existent conciliation process. I americium pleased to statement that nan cardinal representatives of our bondholders and of our banking group are moving together constructively to find a refinancing solution for Atos."
Atos SE's main executive serviceman Paul Saleh said successful nan statement: "We will now activity pinch our financial creditors to find a solution by May 31 that will beryllium acceptable to them and accordant pinch nan parameters we person shared.
"I americium assured that a last statement tin beryllium reached by nan July target that would guarantee nan continuity of operations to our clients and beryllium successful nan champion liking of Atos' employees, clients, suppliers, creditors, shareholders and different stakeholders."
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