Bouygues Rejects Altice Takeover Bid

French telecommunication group Bouygues has unanimously rejected a near €10 billion takeover offer by rival group Altice.
Bouygues said the deal had significant execution risks related to French competition law. France's government had also voiced concerns about employment threats and higher consumer prices should the competition be reduced. A merged firm would have leapfrogged Orange to become France's largest mobile phone company. In its statement, Bouygues also said its "strong and lasting competitive advantage" derived from its range of mobile frequencies and 4G network left it capable of expanding its business on its own. On Monday, France's Economy Minister Emmanuel Macron said further consolidation in the telecoms sector was "currently undesirable", stating, "Now is not the time for opportunistic tie-ups which may be of interest to some people but are not in the public interest."