Key Developments: Bouygues SA (BOUY.PA)

BOUY.PA on Paris Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Bouygues improves its offer for Vivendi's SFR
Friday, 4 Apr 2014 05:27am EDT 

Bouygues SA:Submits improved offer to Vivendi with view to merging Bouygues Telecom and Vivendi's SFR.Offer valid until April 25.Under terms of new offer, company proposes to increase cash element to 15 bln euros from 13.5 bln euros by 1.85 bln euros, without changing level of debt at new entity which would retain investment grade profile.Bouygues is increasing as well total value offered to Vivendi for SFR by giving it 10 pct equity interest in new entity, valued at 1 billion euros before synergies.Offer values SFR for Vivendi at 16 billion euros before synergies, or at 16.5 billion euros factoring in the 5 billion euros of synergies secured by savings resulting from disposal of mobile network to Free.Bouygues offers Vivendi also earn-out clause of 500 million euros that could lift total value of SFR to 16.5 billion euros pre-synergies.Bouygues confirms that Bouygues Telecom-SFR merger is expected to generate 10 billion euros in synergies.Bouygues confirms as well that it will pay break-up fee of 500 million euros to Vivendi if regulatory authorities refuse to approve merger agreement or if Bouygues withdraws its request for approval as result of remedies required by them.Bouygues confirms that financing for operation is fully secured and final, definitive loan documents are signed.  Full Article

Bouygues offers Vivendi opportunity of choosing between two offers
Wednesday, 2 Apr 2014 02:35am EDT 

Bouygues SA:Offers Vivendi opportunity to choose between offers made on March 12 and March 20.Certain Vivendi shareholders had requested that March 12 offer be maintained as valid.Under March 12 offer Vivendi would receive 11.3 billion euros in cash and 43 pct interest in new entity.Vivendi is guaranteed against any fall in value of its remaining equity interest in combined equity below 3.3 billion euros down to 2.3 billion euros.March 20 offer has cash element of 13.15 billion euros and gives Vivendi interest of 21.5 pct in new entity.Both offers remain valid until April 25.  Full Article

Bouygues extends offer to Vivendi and commits to break-up fee if regulatory authorities block merger
Monday, 31 Mar 2014 08:00pm EDT 

Bouygues SA:Informs Vivendi that it has extended the validity of its offer made on March 20 from April 8 until April 25.Says it is committed to paying break-up fee of 500 million euros if regulatory authorities were to refuse to approve merger agreement or if Bouygues were to withdraw its request for approval on account of conditions laid down by regulators.  Full Article

Bouygues raises offer for Vivendi SFR-Reuters
Thursday, 20 Mar 2014 12:57pm EDT 

Bouygues SA:Improves offer for Vivendi's mobile phone unit SFR to compete with Numericable, already in exclusive talks with Vivendi - Reuters.Raises cash component of its offer by 1.85 billion euros ($2.55 billion) to 13.15 billion euros from 11.3 billion previously.Under its initial proposal, Bouygues offered Vivendi 11.3 billion euros in cash and 43 pct stake in combined entity.New offer considers 67 pct stake.  Full Article

Bouygues Construction and ICF Habitat la Sabliere begin works on first design-build-operate-maintain contract in social housing
Tuesday, 18 Mar 2014 08:00pm EDT 

Bouygues SA:Says Bouygues Construction's Bouygues Batiment Ile-de-France has launched works for ICF Habitat La Sabliere on first design-build-operate-maintain (DBOM) contract in France for social housing.Group will construct three buildings containing 122 apartments in Acheres, northwest of Paris.Cogemex, joint subsidiary of Bouygues Batiment Ile-de-France and Bouygues Energies & Services, will provide maintenance for four years.Works are scheduled for completion in H1 2017.  Full Article

Bouygues SA placed on ratings watch negative by Standard & Poor's-DJ
Tuesday, 18 Mar 2014 03:11pm EDT 

Bouygues SA:Standard & Poor's places Bouygues on ratings watch negative-DJ.BBB+ rating maintained.Bouygues could be downgraded within three months if it does not manage to counterbalance the weakness of its telecoms division following its failure to acquire SFR.  Full Article

Bouygues SA raises offer for SFR by 1 billion euros
Thursday, 13 Mar 2014 03:45am EDT 

Bouygues SA:Increases offer for Vivendi SA's SFR by 1 billion euros.Bouygues is therefore offering Vivendi 11.3 billion euros in cash, equating to increase of 800 million euros, as well as a 43 pct interest in new entity.New offer values SFR at 15.5 billion euros pre-synergies and at nearly 20 billion euros factoring in all synergies.Bouygues' interest in new entity following merger would be 52 pct versus 49 pct in the previous offer.IPO of the new entity is planned as soon as the merger is completed.  Full Article

Bouygues SA addresses competition issues by reaching agreement with Free
Sunday, 9 Mar 2014 06:30am EDT 

Bouygues SA:Bouygues and Bouygues Telecom enter into exclusive negotiations for sale to Iliad SA's Free of mobile phone network and portfolio of frequencies for up to 1.8 billion euros.Transaction depends on completion of offer to merge Bouygues Telecom and SFR made by Bouygues to Vivendi.Agreement means that Bouygues Telecom can present French Competition Authority with measures designed to maintain competitive market.  Full Article

Bouygues SA announces proposal to merge Bouygues Telecom and Vivendi's SFR
Thursday, 6 Mar 2014 01:30am EST 

Bouygues SA:Announces details of offer for Vivendi SA's SFR.Proposes to merge Bouygues Telecom and SFR.Offers Vivendi 10.5 billion euros in cash and 46 pct of new entity.New entity would launch IPO as soon as merger is completed.  Full Article

Moody's downgrades Bouygues SA's rating to Baa1-Reuters
Wednesday, 5 Mar 2014 02:35pm EST 

Bouygues SA:Moody's Investors Service downgrades Bouygues's rating to Baa1 with stable outlook- Reuters.Long-term issuer and senior unsecured ratings downgraded to Baa1 from A3.Outlook changed to stable from negative.According to Moody's, downgrade reflects the reduced contribution to the company of Bouygues Telecom, which has been negatively affected by the entrance of a fourth player in the French telecoms market since the beginning of 2012.  Full Article

International consortium chosen for $7 billion Australian road contract

- A consortium comprising Spanish construction firm Acciona, Australian infrastructure specialist Capella Capital and partner Lend Lease and French construction group Bouygues, has been chosen as preferred bidder for the first stage of a road tunnel and toll motorway project in Melbourne, the Australian government announced on Tuesday.

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