PARIS, May 29 (Reuters) - French state-owned investment fund Bpifrance said it would support a bid from technology services group Atos to buy rival Bull, in which it owns 3.2 percent.
Atos has offered to buy Bull for 4.90 euros per share, valuing the target at 620 million euros ($843 million), to strengthen its position in the fast-growing cloud computing services sector.
“After examination of the offer ... Bpifrance supports the friendly takeover presented to the board of Bull and has decided to submit the entirety of its shares to the transaction,” the fund said in a statement on Thursday.
Bull’s main shareholders, Crescendo Industries and Pothar Investments, with 24.3 percent between the two of them, and French telecom group Orange, which owns 8 percent, have already committed to tender their shares. ($1 = 0.7354 Euros) (Reporting by Michel Rose; Editing by Pravin Char)