Like an unfortunate diver – victim of his hubris, others will say – Atos continues to sink into deep waters. Weighted down by 4.9 billion euros of debt, the former flagship of digital services remains in search of the air bubble that will allow it to rise to the surface. His discussions with Daniel Kretinsky? Broken, as many observers anticipated and almost all stakeholders hoped. The Czech billionaire would have been left “without news” by Atos, deplores those around him. The second round of negotiations with Airbus? Closed by the aircraft manufacturer, trapped by Franco-German rivalry and which some say was disappointed by what Atos really had to sell.
In quick succession, the management of the IT group saw the options it had explored to stock up on new money collapse. Back against the wall, it announced at the beginning of April that it had reached an agreement in principle from banks and bondholders on intermediate financing of 400 million euros. A crutch intended to allow him to hold out until July. The month is crucial for the group, which is one of the centerpieces of the Olympic and Paralympic cybersecurity system. Heard by senators, its president Jean-Pierre Mustier wanted to be reassuring. “Atos will do its job in a completely normal way” during the event, promised the former boss of UniCredit.
The State comes out of the woodwork on Atos
The sick industrialist is playing even bigger as his contract with the IOC expires at the end of 2024. And that other clients in the sports field would consider breaking their own agreements earlier than the clauses provided for… At the risk to aggravate the case of a company deemed critical for France. In its portfolio, Atos still holds a host of contracts in the military field, health data management and nuclear deterrence. Thanks to Bull’s heritage, it is the last supercomputer manufacturer in Europe. Prerogatives which ended up bringing the State out of the woods. Criticized for its long silence on the matter, the government finally decided to grant a loan of 50 million euros, in addition to the 400 million private euros, to “stabilize the financial situation” of Atos and “guarantee protection of strategic activities.
A largesse that Bercy has conditioned on “preferential action” on sensitive activities, as it already has at Airbus Defense and Space or Nexter. Enough to allow him to control Bull in the event of a change in shareholding. And this, even once the loan has been repaid. “First step” in Atos’ “national solution for the protection of strategic activities” promised in March, the long-awaited commitment from the Ministry of the Economy marks the return to the forefront of the IT company almost a century old. Victim of unscrupulous shareholders, weighed down by failed acquisitions, nationalized, Bull should once again come back from the dead.
“We are committed to ensuring that so-called sensitive activities are protected whatever the solution provided by the buyers,” Jean-Pierre Mustier never stopped promising, almost with his hand on his heart, before the senatorial commission. And to insist on the fact that the refinancing plan presented shortly before to creditors did indeed plan to “maintain Atos as a whole”. On condition of obtaining the tidy sum of 1.2 billion euros, including 600 million in cash, and slashing the current debt by half. “Our industrial vision consists of keeping the group united. But we will see what the capital providers will offer us,” warned the ex-banker. Stakeholders and third-party investors have until April 26 to submit their projects. A call for applications which may well open a new episode at the top of this saga of which Atos has become the hero in spite of himself.
Group united or dismantled?
Its first shareholder, the founder of OnePoint, himself promises to guarantee the integrity of the group. Very well introduced in political circles, David Layani believes he has his revenge after being sharply rejected by the former president of Atos, Bertrand Meunier. The rallying of the financier Walter Butler to his project undoubtedly aims to give color made in France on his initiative – the securing last November of 500 million euros from the American fund Carlyle, once headed by a former CIA boss, having caused some trouble. Walter Butler’s membership in “OneAtos” promised by David Layani has in any case convinced certain shareholders, like Hervé Lecesne. The largest of the small carriers believes it is “fully capable of developing Atos” on condition of refocusing the business on Europe by selling the American branch Syntel, acquired at a high price by Thierry Breton in 2018.
In his conquest, David Layani is also supported by the first union at Atos, the CFE-CGC. Which has the gift of making the competition cringe: “We were for a “OneAtos” well before everyone else, including David Layani,” laughs Didier Moulin, central delegate to the CGT Atos-Eviden. In March, the confederation split from its own industrial plan. It also provides for a refocusing of Atos on the European market, accompanied by the intervention of the State within the framework of a capital increase and the renewal of governance. “We start from the observation that the split of Atos into two entities, Eviden and Tech Foundations, is an aberration and a waste. It is so counterproductive that management re-established single commercial organizations on January 1,” tackles Didier Moulin. If it had to be done again, Atos would split again to facilitate the operational management of the two activities, management replied to the Senate. “We do not deny the past on this issue,” said Jean-Pierre Mustier, cryptically.
Especially since this split could well facilitate the affairs of other potential buyers, first and foremost Daniel Kretinsky. Against all expectations, the Czech magnate would remain interested in the outsourcing activities which were to be sold to him. “Daniel said that if we needed him, he would be there. The asset that interests him remains Tech Foundations, that has not changed,” assures a relative. Rumors are also rife about a commitment from Dassault Aviation to save part of the activities. Perhaps as part of a consortium and the “national solution” desired by the State, we understand BFMTV. “There has never been an example in France of a large group that has not found a solution by going through a conciliation procedure. We know that there will be a solution because that has always been the case,” said promised Jean-Pierre Mustier. The future of Atos’ 95,000 employees depends on it.
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