2024-04-08 05:16:00
Crucial week for Atos. While the IT group in difficulty must present the parameters of its refinancing framework to its creditors this Monday, its largest shareholder, Onepoint (11.4% of the capital) has received new support. The investment company Butler Industries indeed joined on Sunday the Atos rescue plan proposed by David Layani, the CEO of Onepoint. Butler Industries, which manages more than €8 billion in assets, has carried out several corporate restructurings and has stakes in companies in the defense, savings management and agri-food sectors.
“If this operation is successful, it will save a technological flagship and consolidate its role as a major player on the global level,” declared businessman Walter Butler, boss of Butler Industries, quoted in a press release, revealing his support for this plan.
In a separate press release, David Layani, boss of Onepoint, welcomed this announcement, believing that it “ strengthens (its) OneAtos project », which must be presented to the Atos board of directors before the end of April. As a reminder, David Layani revealed a few weeks ago his project consisting of retaining all of the group’s assets, returning to a growth trajectory and ensuring the restructuring of the debt.
Read also In favor of the split from Atos, Onepoint holds 11.4% of its capital
Debt restructuring by July
As a reminder, Atos is weighed down by a colossal debt. The latter amounts to nearly 4.6 billion euros, including 3.65 billion euros of loans and bonds to be repaid or refinanced by the end of 2025. However, the group has seen two operations which were to bring him new money collapsing in quick succession.
On the one hand, the end of negotiations with Czech billionaire Daniel Kretinsky for the sale of the Tech Foundations branch, which brings together the historic outsourcing activities. On the other, the withdrawal of Airbus, to which the group hoped to sell its “ big data » (big data) and security (BDS), which notably include supercomputers used for nuclear deterrence and contracts with the French army.
Atos reported a net loss of 3.4 billion euros in 2023, largely due to asset write-downs. The French IT group, which lost 80% of its stock market value in one year, is assisted by an ad hoc agent in its amicable conciliation procedure with its creditors. The company wants to restructure its debt by July.
Crucial meeting this Monday
Butler Industries’ support for Onepoint comes as a crucial week begins for Atos. Heavily indebted and in the midst of a crisis, the French IT group must present the parameters of its refinancing framework to its creditors this Monday, following the failure of the sale of part of its activities in March.
The meeting this Monday might “ lead to changes in the capital structure » of the group, which may include the issue of new shares, “ which will result in dilution of existing shareholders ”, according to Atos. The rescue might also involve a transformation of debts into shares of the company’s capital, according to daily information The echoes.
Minority shareholders, united in the Union of Constructive Atos Shareholders (UDAAC) association, would prefer, for their part, a postponement of the repayment deadlines for the short-maturity bond debt and a refocusing on the European market with some sales of ‘activities of the entity’ Americas ».
“The market will not buy a scenario of continuity,” insists Lionel Melka, managing partner at Swann Capital, for whom a division of the group is “inevitable”.
Several actors in the ranks
For him, the company is made up of “ several companies under the same roof and there are almost no synergies between the different professions ». « They are not the same customers, not the same business “, he emphasizes.
The boss of Onepoint, David Layani, is the only one to champion “ of an industrial solution that preserves the entire asset ”, according to an interview with Figaro. He intends to stay the reference shareholder » and said he was ready to participate “ to a recapitalization solution ».
Despite the failure of their exclusive negotiations, Daniel Kretinsky would still be interested in Tech Foundations, according to The letter, which gave it an alliance with the Canadian company CGI. The French Dassault Aviation, in partnership with the engineering consulting group Astek, is in the running to take over BDS activities and has been working on the file for 18 months, according to the online daily. Contacted by AFP, Dassault, Daniel Kretinsky’s entourage and David Layani’s entourage did not wish to comment.
The State intends, in any case, “ ensure that Atos’ most strategic, sensitive activities » remain « under French flag », reiterated Prime Minister Gabriel Attal to the National Assembly last Wednesday. Jean-Pierre Mustier, chairman of the board of directors, and Paul Saleh, general director, will be heard by the Senate on Wednesday.
(With AFP)
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