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Pierre Tegner ... (+2)
  • Pierre Tegner
  • Pierre-Adrien Fraisse

ODDO : Choix restreints entre faiblesse du T1, retour du M&A … et risq...

Dans un contexte M&A inédit, le T1 2026 devrait être un retour à la réalité. Il sera soit très faible (Beiersdorf, Henkel, Danone, Nestlé, Pernod Ricard, Diageo) soit fragile vis-à-vis des attentes annuelles de lfl (L’Oréal, PUIG, Unilever, Campari). Rémy Cointreau bénéficiera de facteurs techniques (comparaison et CNY) qui pourraient entretenir les espoirs d’inflexion dans les spiritueux. Mais le T3 2025/26 de Pernod Ricard montre que la visibilité reste faible. Enfin, les cours du pétrole repr...

Pierre Tegner ... (+2)
  • Pierre Tegner
  • Pierre-Adrien Fraisse

ODDO : Limited choices between Q1 weakness, the return of M&A ... and ...

In an unprecedented M&A context, Q1 2026 should be a return to reality. It will either be very weak (Beiersdorf, Henkel, Danone, Nestlé, Pernod Ricard, Diageo) or fragile in relation to the full-year expectations l-f-l (L'Oréal, PUIG, Unilever, Campari). Rémy Cointreau will benefit from technical factors (comparison and CNY) which could sustain hopes of a turnaround in spirits. However, Pernod Ricard’s Q3 2025-26 results show that visibility remains limited. Lastly, oil prices represent a majo...

Bruno Cavalier ... (+2)
  • Bruno Cavalier
  • Luis de Toledo Heras
Ahmed Ben Salem
  • Ahmed Ben Salem
Bruno Cavalier ... (+2)
  • Bruno Cavalier
  • Luis de Toledo Heras
Ahmed Ben Salem
  • Ahmed Ben Salem
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.

Stephane Foucaud
  • Stephane Foucaud

AUCTUS ON FRIDAY - 17.04.2026

AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: C$26-29.9 mm equity raise to boost growth – Gross production in Uzbekistan has reached ~14 mboe/d, reflecting the strong performance of the K-46 well. Condor is raising C$26–29.9 mm of new equity at C$2.60 per share, providing capital to accelerate production growth. The very high wellhead pressures from new wells are constraining output from older, lower‑pressure wells. Proc...

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
Florent Laroche-Joubert ... (+2)
  • Florent Laroche-Joubert
  • Roy Külter
Florent Laroche-Joubert ... (+2)
  • Florent Laroche-Joubert
  • Roy Külter
 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...

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