Atos in a zone of strong turbulence with the arrival of Kretinsky – L’Express

Under fire for having defended tooth and nail the Czech billionaire’s takeover of one of the two branches of Atos which he had split into two, Bertrand Meunier was forced to resign from his position as Chairman of the Board of Atos. administration. And to give up his place to Jean-Pierre Bustier, a former executive of the banks Société Générale and Unicredit.

For the financial markets, this forced eviction seems to constitute good news according to the Paris Stock Exchange. Atos shares jumped 20% this Monday morning even though they had reached their historic low on Friday evening, settling at 4.88 euros. This, although Daniel Kretinsky’s takeover project is maintained. “The envisaged transaction constitutes the most feasible path for achieving the separation of Tech Foundations and Eviden and for improving the group’s risk profile,” Atos said during a telephone press briefing Monday morning.

A buyout which seems all the more pressing because if “the operation with EPEI (Daniel Kretinsky’s group) does not take place, the group will have to access the capital markets (debt and shares) and/or consider the sale of “additional assets” to “face debt maturities in 2025”, insists Atos. And to hope with this buyout to increase its capitalization by 900 million euros, of which 180 million would be reserved for Daniel Kretinsky’s group.

But despite the determination of Atos management to continue the takeover project initiated by Bertrand Meunier, the timetable was delayed. “The General Meeting of Shareholders and the completion of the overall operation are now expected at the start of the second quarter of 2024, taking into account the planned timetable for obtaining regulatory authorizations,” specifies the group.

A postponement and a resignation which were not enough to calm the ardor of the minority shareholders, fiercely opposed to the entry into the capital of the Czech billionaire. Complaints for active and passive corruption and for “false or misleading information” were filed with the National Financial Prosecutor’s Office (PNF) by two minority shareholders, the Alix AM and CIAM funds. Others, gathered in the Union of Constructive Atos Shareholders, are preparing an “alternative strategic plan” without sale.

Especially since the Atos case goes far beyond the business world. Last August, the political sphere got involved. 82 LR deputies called for keeping the IT company “under French control”. Their concern focused in particular on the branch specializing in supercomputers, essential for nuclear test simulations and deterrence.

To which Prime Minister Elisabeth Borne retorted at the end of September that “if the operation was completed, it would have no impact in terms of control or the right to block sensitive activities”.