Orange’s Heydemann is confident on new SFR takeover bid

Anne Morris2026-04-23T12:26:00

Source: Orange

CEO of French incumbent is hoping for a positive response to its second bid for assets from distressed rival SFR, alongside Bouygues and Iliad. As well as dangling a higher, €20bn+ offer in front of seller Altice, she notes a change to the deal’s structure would help the French trio mitigate some execution risk. She also remains confident of the case for consolidation.

This article includes:

Themes: Antitrust review; Consolidation strategy; Earnings guidance; In‑market M&A; Merger control; Regulatory scrutiny; Strategic investment; Telco competitiveness.
People: Christel Heydemann; Patrick Drahi; Teresa Ribera.
Geographic: France; Middle East; Spain; United Kingdom.
Organisations: Altice France; Autorité de la concurrence; Bouygues Telecom; European Commission; Iliad Group; MásOrange; Orange; SFR.

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