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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Altran Technologies    ALT   FR0000034639

ALTRAN TECHNOLOGIES

(ALT)
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Capgemini passes first hurdle in Altran bid despite Elliott resistance

01/27/2020 | 11:58am EST
FILE PHOTO: The logo of Capgemini is pictured during the Viva Tech start-up and technology summit in Paris

French consulting and IT services provider Capgemini succeeded in securing more than half of the capital of smaller rival Altran Technologies, the French market regulator AMF said on Monday, marking a win against U.S. activist fund Elliott.

The AMF said Capgemini holds 53.6% of Altran's share capital and at least 53.4% of the voting rights. The group - which faced a tussle with Altran shareholder Elliott over its offer price - had aimed to get the backing from just over half of Altran's investors to pursue its bid.

Capgemini was advised by Lazard, while Altran worked with Perella Weinberg Partners and Citigroup.

Earlier in January Capgemini had slightly raised the price of its friendly bid for Altran to 14.5 euros a share from 14 euros, valuing the company at 3.7 billion euros (£3.1 billion).

That move failed to convince Elliott, which has built up a stake of over 15% in Altran, to tender its shares to the group's offer, which closed on Jan. 22.

The AMF said Capgemini's offer would be reopened to other investors, though it did not give a fresh timeframe.

Capgemini is hoping the deal will add to its services in industries from telecoms to aerospace and help it slash costs.

Altran shares climbed 2% on Monday to 14.75 euros hitting a 4-month peak, a rare bright spot in a European stockmarket spooked by coronavirus fears.

By Benoit Van Overstraeten


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALTRAN TECHNOLOGIES 0.00%End-of-day quote.4.31%
AT HOME GROUP INC. 1.54% 19.14 Delayed Quote.248.00%
CAPGEMINI SE -0.84% 118.7 Real-time Quote.9.96%
CITIGROUP INC. -0.68% 56.67 Delayed Quote.-29.07%
JUST GROUP PLC 0.79% 57.65 Delayed Quote.-27.03%
LAZARD LTD -1.71% 37.94 Delayed Quote.-5.06%
WILL GROUP, INC. 0.91% 999 End-of-day quote.-20.21%
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04/02ALTRAN TECHNOLOGIES : reaches a new milestone in its development by becoming par..
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04/02CORRECTION : Altran reaches a new milestone in its development by becoming part ..
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04/02SUCCESS OF CAPGEMINI'S TENDER OFFER : Capgemini now holds 98% of Altran's share..
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Financials
Sales 2019 3 232 M - -
Net income 2019 149 M - -
Net Debt 2019 1 313 M - -
P/E ratio 2019 24,4x
Yield 2019 1,55%
Capitalization 3 687 M 4 064 M -
EV / Sales 2019 1,55x
EV / Sales 2020
Nbr of Employees 50 124
Free-Float -
Chart ALTRAN TECHNOLOGIES
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Income Statement Evolution
Managers
NameTitle
Dominique Cerutti Chairman & Chief Executive Officer
Albin Jacquemont Chief Financial Officer & Executive Vice President
Pascal Brier EVP-Strategy, Technology & Innovation
Keith Williams Director-Group Technical
Nathalie M. Rachou Independent Director