(BFM Bourse) – The investment company Butler Industries has provided its support for the strategic plan of Onepoint, a group which holds 11% of the capital of Atos. This plan will compete with the financing plan proposed by the company’s management.
Crucial week for Atos. The digital services company, which is crumbling under a wall of 3.65 billion in debt to be refinanced by the end of 2025, will communicate on Tuesday morning the parameters (i.e. the terms) of its refinancing plan which could result in significant dilution for its shareholders.
Previously, the group will present these same parameters to its creditors this Monday at 5 p.m.
In parallel with the actions carried out by the company, its largest shareholder, Onepoint with 11.4% of the capital, is trying to make its own music heard. The general director of this company, David Layani, had outlined in an interview with Le Figaro the axes of an alternative strategic plan which would put an end to asset sales and would aim to return to growth of 6% to 8% per year in two to three years. The manager also explained that he was ready to invest to recapitalize the company.
“These comments do not commit the company and its board of directors. Onepoint’s plan has not been presented to the company’s board of directors which, if and when it is, will be able to analyze it and communicate in detail. timely on its position”, Atos reacted in a press release.
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An ally accustomed to financial restructurings
However, on Sunday, Onepoint announced that it had rallied a major partner to its cause, namely the French investment fund Butler Industries. Created in 1991, this fund has carried out several restructurings such as that of the maritime transport company SNCM, and has invested in several digital services companies.
Following this announcement, Atos shares jumped on the Paris Stock Exchange, gaining 25% around 12:30 p.m. The Atos stock has become very volatile since its market capitalization melted (the stock fell by almost 80% over one year), weighing only 280 million euros.
A financial intermediary, however, believes that Sunday’s announcement could send a positive signal to Atos shareholders. “Onepoint has found a partner who has means, is French, is well-connected politically and is used to restructuring,” he says.
“We do not know the terms of Onepoint’s plan nor that of Atos, but we can assume that Onepoint’s plan will be significantly less dilutive for shareholders than Atos’ plan, if only because Onepoint has invested a lot to build its stake in Atos”, continues this market specialist.
“Atos’ plan could want to reduce the debt by half, while Onepoint’s plan, we can imagine, would be more about a clearance of 20% to 30%,” he predicts.
Other news surrounding the future of Atos: the Ministry of the Economy is in the process of recruiting a consulting bank to orchestrate the resumption of sovereign activities while Dassault Aviation is studying the file, according to BFM Business. Contacted by BFM Business, neither the Ministry of the Economy nor the management of Dassault Aviation wished to provide a comment.
Julien Marion – ©2024 BFM Bourse
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