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The French authorities has proposed shopping for key belongings of Atos, the closely indebted know-how firm, as a result of Paris desires to maintain them in nationwide fingers.
The state desires to buy three strategic elements of Atos: tremendous calculators for quantum computing, that are utilized by the French military for the nation’s nuclear weapons programme; safe communications tech additionally utilised by the army; and sure cyber safety belongings.
Amid issues in Paris that overseas buyers, together with hedge funds, might acquire management of Atos in an upcoming restructuring of its €3.9bn debt load, finance minister Bruno Le Maire mentioned on Sunday that the state had despatched a non-binding letter of intent to the French firm about buying the belongings.
“There are sovereign belongings in Atos that should keep throughout the unique management of France,” Le Maire advised information channel LCI. “We have now signalled our curiosity in buying all of the strategic belongings of Atos.”
The federal government’s letter of intent was made by way of the APE, an company that manages the French state’s stakes in firms together with utility EDF and telecoms group Orange.
Atos, chaired by former UniCredit boss Jean Pierre Mustier, declined to remark.
The French authorities stayed out of the a lot of the turmoil at Atos, as the corporate churned by way of a number of chief executives and made a number of strategic U-turns previously three years.
However as Atos’ monetary place worsened, the state in early April introduced it will present a €50mn brief time period mortgage and create a “golden share” system for the corporate’s delicate belongings, which might permit ministers to dam any acquisitions they didn’t approve of.
The belongings the federal government was proposing to purchase generated about €900mn in annual revenues and employed 4,000 folks, an financial system ministry official mentioned.
That represents lower than 10 per cent of Atos’s 2023 gross sales, and 4 per cent of the overall workforce.
The French authorities’s proposal was not a compelled nationalisation, the financial ministry official mentioned.
The state was searching for to interact in negotiations with Atos forward of probably making a agency supply by June, they added.
Le Maire mentioned the federal government would search to rally French industrial teams to hitch its bid in a consortium.
“We’ll see what different gamers would possibly need to take part — it can solely be French teams in strategic sectors reminiscent of defence or aerospace,” Le Maire mentioned.
Dassault Aviation, the French maker of Rafale fighter jets, has beforehand expressed curiosity in a few of Atos’ belongings, in response to folks briefed on the state of affairs.
Thales, the French defence electronics group, can be one other potential participant for the state to enlist.
Thales declined to remark, whereas Dassault didn’t reply.
Atos has had numerous failed talks with people and corporations fascinated with shopping for a few of its belongings, because the group has sought to lift money to cut back its debt load.
They embrace Czech billionaire Daniel Křetínský and Airbus.
Atos has requested for proposals by Friday from prime shareholders and collectors with the aim of reducing its debt by at the least €2.4bn. It could want €1.2bn in new fairness and debt.
