This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

SFR Bids Sure to Draw Attention from Brussels

NEW YORK (The Deal) -- France's Vivendi late Wednesday said it had received two offers for its Societe Francaise de Radiotelephone, or SFR, cellular unit and would now allow its supervisory board to evaluate the approaches, one of which may spark similar regulatory concerns to pending telecom takeovers elsewhere on the Continent.

Paris-based Vivendi said Numericable Group, along with its Altice parent company, and SFR rival Bouygues have submitted offers, helping Vivendi focus on entertainment content and bringing a Europewide phone consolidation to France.

"Vivendi's supervisory board will now examine these offers. It will consider all options available regarding the future of its subsidiary and the group, in the best interests of employees and shareholders," the company said.

Vivendi has been slimming down to focus on entertainment assets including Universal Music Group and broadcaster Canal Plus. It had hoped to list and hand SFR to shareholders through a 12 billion ($16.5 billion) spinoff. However, strong interest from companies hoping to gain bulk to better compete against incumbent Orange raised the option of a sale.

Bouygues, of Paris, said its offer values SFR at 14.5 billion. The deal would give Vivendi 10.5 billion in cash as well as a 46% stake in the expanded Bouygues/SFR. It's already lined up financing with JPMorgan Chase (JPM - Get Report) and seven other banks, according to the Financial Times.

Meanwhile, Numericable and Altice, backed by French billionaire Patrick Drahi, were planning to bid 14.8 billion. That deal would include 11 billion in cash and a 750 million capital injection raised through the sale of new Altice shares. Altice would also fold in 3 billion in Numericable cable assets. Ultimately Vivendi would have 32% of the expanded Numericable, a source said earlier this week.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
JPM $59.65 0.07%
AAPL $124.37 0.80%
FB $83.17 0.30%
GOOG $556.22 -0.46%
TSLA $190.33 -2.00%


DOW 17,690.07 -28.47 -0.16%
S&P 500 2,056.97 -4.08 -0.20%
NASDAQ 4,862.7650 -13.7540 -0.28%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs