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Russell Waller
  • Russell Waller

Altice France Bonds (Equal Weight) Altice France Equity (Buy from Neut...

The long awaited SFR deal has been provisionally agreed, with the Consortium upping their offer from €17bn to €20.35bn. A big bump – at this stage its unclear what the justification is for the increase. The consortium have been granted exclusive negotiations until May 15. In this report we look at the offer, and what it means for Drahi, lenders, Orange, Bouygues and Iliad, and the wider sector too.

 PRESS RELEASE

Deutsche Lufthansa AG: Veröffentlichung gemäß § 40 Abs. 1 WpHG mit dem...

Deutsche Lufthansa AG: Veröffentlichung gemäß § 40 Abs. 1 WpHG mit dem Ziel der europaweiten Verbreitung Deutsche Lufthansa AG: Veröffentlichung gemäß § 40 Abs. 1 WpHG mit dem Ziel der europaweiten Verbreitung 17. Apr 2026 / 13:36 CET/CEST, übermittelt von GlobeNewswire. Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Stimmrechtsmitteilung 1. Angaben zum Emittenten Name Deutsche Lufthansa Aktiengesellschaft Straße und Hausnummer ...

 PRESS RELEASE

Deutsche Lufthansa AG: Release according to Article 40 (1) of the WpHG...

Deutsche Lufthansa AG: Release according to Article 40 (1) of the WpHG (the German Securities Trading Act) with the objective of Europe-wide distribution Deutsche Lufthansa AG: Release according to Article 40 (1) of the WpHG (the German Securities Trading Act) with the objective of Europe-wide distribution 17. Apr 2026 / 13:36 CET/CEST, transmitted by GlobeNewswire. The issuer is solely responsible for the content of this announcement. Notification of Major Holdings 1. Details of issuer Name Deutsche L...

Carole Braudeau
  • Carole Braudeau

Credit Morning 04/17/2026

Alstom: profit warning and suspension of medium-term targets|Bouygues/Orange/Iliad sweeten their joint bid on SFR to € 20.4bn and enter into exclusive talks|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 17/04/2026

Alstom : profit warning et suspension des objectifs à moyen terme|Le consortium Bouygues/Orange/Iliad relève son offre sur SFR à 20,4 mds EUR et entre en négociations exclusives|

Emmanuel Matot
  • Emmanuel Matot
IPS IPSOS
ALLIX WALLIX GROUP SA
ALFOC FOCUS HOME INTERACTIVE SA
AUTN AUTONEUM HOLDING AG
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
MOBN MOBIMO HOLDING AG
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
ALLN ALLREAL HOLDING AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
IREN INVESTIS HOLDING SA
SRE SIRIUS REAL ESTATE LIMITED
ECONT ECONOCOM GROUP SE CLASS D
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NFN NFON AG
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
THEP THERMADOR HOLDING SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ALVGO VOGO SA
CTPNV CTP NV
ADTN ADTRAN HOLDINGS INC
SHUR SHURGARD SELF STORAGE LIMITED
XLS XLIFE SCIENCES AG
PLX PLUXEE NV
ALHG LOUIS HACHETTE GROUP
IS INTERSHOP HOLDING AG
Emmanuel Matot
  • Emmanuel Matot
IPS IPSOS
ALLIX WALLIX GROUP SA
ALFOC FOCUS HOME INTERACTIVE SA
AUTN AUTONEUM HOLDING AG
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
MOBN MOBIMO HOLDING AG
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
ALLN ALLREAL HOLDING AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
IREN INVESTIS HOLDING SA
SRE SIRIUS REAL ESTATE LIMITED
ECONT ECONOCOM GROUP SE CLASS D
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NFN NFON AG
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
THEP THERMADOR HOLDING SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ALVGO VOGO SA
CTPNV CTP NV
ADTN ADTRAN HOLDINGS INC
SHUR SHURGARD SELF STORAGE LIMITED
XLS XLIFE SCIENCES AG
PLX PLUXEE NV
ALHG LOUIS HACHETTE GROUP
IS INTERSHOP HOLDING AG
Ahmed Ben Salem
  • Ahmed Ben Salem
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FP TOTAL SE
BVI BUREAU VERITAS SA
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
ITRK INTERTEK GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
MOBN MOBIMO HOLDING AG
ALO ALSTOM SA
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
ALLN ALLREAL HOLDING AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
ELI ELIA GROUP SA/NV
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
IREN INVESTIS HOLDING SA
VACN VAT GROUP AG
SRE SIRIUS REAL ESTATE LIMITED
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
SGSN SGS SA
IS INTERSHOP HOLDING AG
Ahmed Ben Salem
  • Ahmed Ben Salem
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FP TOTAL SE
BVI BUREAU VERITAS SA
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
ITRK INTERTEK GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
MOBN MOBIMO HOLDING AG
ALO ALSTOM SA
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
ALLN ALLREAL HOLDING AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
ELI ELIA GROUP SA/NV
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
IREN INVESTIS HOLDING SA
VACN VAT GROUP AG
SRE SIRIUS REAL ESTATE LIMITED
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
SGSN SGS SA
IS INTERSHOP HOLDING AG
Delphine Brault ... (+2)
  • Delphine Brault
  • Nathan Mietlicki
Delphine Brault ... (+2)
  • Delphine Brault
  • Nathan Mietlicki
 PRESS RELEASE

Bouygues Telecom, the Free–iliad Group and Orange enter exclusive nego...

Bouygues Telecom, the Free–iliad Group and Orange enter exclusive negotiations with the Altice France group for the acquisition of SFR Press releaseParis, 17 April 2026 Bouygues Telecom, the Free–iliad Group and Orange enter exclusive negotiations with the Altice France group for the acquisition of SFR Following the due diligence phase initiated in 2026, Bouygues Telecom, the Free–iliad Group and Orange announce that they have submitted a new offer and are starting exclusive negotiations with the Altice France group with a view to acquiring SFR. This offer reflects a total enterprise val...

 PRESS RELEASE

Bouygues Telecom, Free-Groupe iliad et Orange entrent en négociations ...

Bouygues Telecom, Free-Groupe iliad et Orange entrent en négociations exclusives avec le groupe Altice France pour l’acquisition de SFR Communiqué de presse Paris, le 17 avril 2026 Bouygues Telecom, Free-Groupe iliad et Orange entrent en négociations exclusives avec le groupe Altice France pour l’acquisition de SFR A la suite du process de due diligence initié en 2026, Bouygues Telecom, Free-Groupe iliad et Orange annoncent la remise d'une nouvelle offre et entrent en négociations exclusives avec le groupe Altice France en vue de l’acquisition de SFR. Cette offre porte sur un montant to...

 PRESS RELEASE

Bouygues Telecom, the Free-iliad Group and Orange enter exclusive nego...

Bouygues Telecom, the Free-iliad Group and Orange enter exclusive negotiations with the Altice France group for the acquisition of SFR Press releaseParis, 17 April 2026 Bouygues Telecom, the Free–iliad Group and Orange enter exclusive negotiations with the Altice France group for the acquisition of SFR Following the due diligence phase initiated in 2026, Bouygues Telecom, the Free–iliad Group and Orange announce that they have submitted a new offer and are starting exclusive negotiations with the Altice France group with a view to acquiring SFR. This offer reflects a total enterprise val...

 PRESS RELEASE

Bouygues Telecom, Free-Groupe iliad et Orange entrent en négociations ...

Bouygues Telecom, Free-Groupe iliad et Orange entrent en négociations exclusives avec le groupe Altice France pour l’acquisition de SFR Communiqué de presse Paris, le 17 avril 2026 Bouygues Telecom, Free-Groupe iliad et Orange entrent en négociations exclusives avec le groupe Altice France pour l’acquisition de SFR A la suite du process de due diligence initié en 2026, Bouygues Telecom, Free-Groupe iliad et Orange annoncent la remise d'une nouvelle offre et entrent en négociations exclusives avec le groupe Altice France en vue de l’acquisition de SFR. Cette offre porte sur un montant to...

Emmanuel Matot
  • Emmanuel Matot
Russell Waller
  • Russell Waller

Altice France Bonds (Equal Weight) Altice France Equity (Neutral, TP: ...

There have been more press articles on French M&A in the past few days, HERE and HERE. So far, the content tallies with feedback we received from our recent meeting with Bouygues management, HERE: no deal yet, but a deal is still more likely than not.

 PRESS RELEASE

ALSTOM S.A: Alstom’s preliminary FY 2025/26 results: Record orders, Fr...

ALSTOM S.A: Alstom’s preliminary FY 2025/26 results: Record orders, Free Cash Flow within guidance, Adjusted EBIT at ~6%, Revised preliminary outlook for FY 2026/27 FY 2025/26 order intake and sales delivered as planned Record order intake1 of €27.6 billion, book-to-bill ratio1 of 1.4 and backlog of >€100 billionReported sales1 up 4%, equivalent to 7% on an organic basis Prolonged ramp-up and execution headwinds FY 2025/26 adjusted EBIT margin1 at ~6%, impacted by some rolling stock projectsFY 2025/26 Free Cash Flow1 of ~€330 million, despite contract working capital headwinds Preliminar...

 PRESS RELEASE

ALSTOM S.A : Résultats préliminaires d’Alstom pour l’exercice fiscal 2...

ALSTOM S.A : Résultats préliminaires d’Alstom pour l’exercice fiscal 2025/26 : Commandes record, Cash-flow libre conforme aux prévisions, Marge d’exploitation ajustée ~6 %, Perspectives préliminaires révisées pour l’exercice 2026/27 Prises de commandes et ventes pour l’exercice fiscal 2025/26 conformes aux prévisions Prises de commandes1 record de 27,6 milliards d’euros, ratio « commandes sur chiffre d’affaires »1 de 1,4 et carnet de commandes supérieur à 100 milliards d’eurosChiffre d’affaires1 en hausse de 4 %, dont 7 % de croissance organique Montée en cadence plus longue que prévu et co...

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