He was due to report at the end of the year. The tandem at the head of Atos finally waited until 2024 dawned to confirm the resolution that already guided ex-president Bertrand Meunier: to dismantle the group. Suffocated by a debt of several billion euros, the French flagship of digital services is determined to sell much more than the 400 million euros announced last summer, in addition to the controversial sale of Tech Foundations to Daniel Kretinsky.
As rumors suggested, the management of Atos has reopened the file for the sale of its nugget BDS, which brings together its activities in big data, cybersecurity and supercomputers – the same assets that parliamentarians have been calling for months to nationalize, deeming them strategic for France. The scenario had already been considered just a year ago, it could well be played out with the same actors.
Airbus, declared candidate for takeover
Airbus has confirmed that it has once again entered into discussions with Atos with a view to purchasing the entire BDS portfolio, which it has long coveted to accelerate its digital transformation. The aircraft manufacturer’s “indicative and non-binding offer” values the Atos branch between 1.5 and 1.8 billion euros. A range considered much lower than the real value of these activities by certain analysts. But the proposal revives the hopes of small shareholders. “This is proof that the group has assets that are worth a lot and that there is no need to sell Tech Foundations at all costs,” says the Ciam fund.
Could the opponents of this other aspect of the dismantling of Atos win their case? Desired by the new non-executive president, Jean-Pierre Mustier – who inherited from his predecessor, Bertrand Meunier, the conviction that this operation had to be carried out successfully – the renegotiation of the terms of the contract with Daniel Kretinsky seems more bitter than expected . So much so that the group now concedes that, “as with any negotiation, there is no certainty that [celle-ci] reaches an agreement.
“It’s madness to sell for scrap an asset which we were still told in June that it was an activity with a future and in the process of recovery,” insists Hervé Lecesne. For the largest of Atos’ small shareholders, a sale of BDS “for more than 2 billion euros” would be enough to relieve the company of its burden, for a time at least. “This would make it possible to negotiate in a more positive manner with the banks,” adds Ciam. For the moment, the group “does not rule out using the legal protection mechanisms at its disposal to supervise” its negotiations with the banks. Atos undoubtedly experienced calmer exchanges.
The uncertain future of Eviden
Since its announcement, the separation of Atos into two parts, Eviden and Tech Foundations, accompanied by the sale of the second activity to Daniel Kretinsky, has raised many questions. The track of a division into three pieces, even more. By removing BDS, it is not certain that Eviden would have the critical size to survive, especially since this entity will face serious competitors such as Capgemini. And probably Tech Foundations itself. It is, however, certain that this operation would facilitate a possible takeover of Eviden by a third party… Onepoint perhaps? Propelled to the rank of largest shareholder of Atos, its founding president, David Layani, positions himself as “French and long-term anchor”, but does not rule out going further, once the time of emergency has passed. There would then not be much left of the former French champion.
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