PARIS May 28 France's largest telecom group
Orange said on Thursday it would support a bid from
technology services group Atos to buy rival Bull
, in which it owns 8 percent.
Led by Chief Executive Thierry Breton, Atos has offered to
buy Bull for 4.90 euros per share, valuing the target at 620
million euros, to strengthen its position in the fast-growing
cloud computing services sector.
"After examination of the offer ... Orange supports the
friendly takeover presented to the board of Bull and has decided
to submit the entirety of its shares to the transaction," said
Orange in a statement.
Bull's main shareholders, Crescendo Industries and Pothar
Investments, with some 24.2 percent, have already committed to
tender their shares.
Atos shares rose 2.2 percent at 14:39 GMT, while Bull fell
0.2 percent. Orange shares were largely flat.
(Reporting by Leila Abboud, editing by David Evans)