Will Bercy save Atos, the French cybersecurity giant, from a foreign buyer?

Little known to the general public, Atos is an important IT services group in the French industrial landscape. In serious financial difficulties, it could be bought by the enterprising billionaire Daniel Kretinsky, unless the Minister of the Economy, Bruno Le Maire, gets involved.

The Atos group, former French champion of IT services, is number two behind Capgemini. This company, representing around 10,000 employees in France and more than 100,000 worldwide, has been in serious financial difficulties for several years. The final blow is perhaps being dealt to the Paris Stock Exchange.

Monday February 5, Atos shares lost a quarter of their value, a fall of 25% brought them down to 2.95 euros during the session. Since the start of the year, the stock is down 60%. If the situation is difficult to maintain on the Stock Exchange, it is even more so for the future of the company as such, between a drop in cash flow and an unconvincing plan to split the company into two blocks: IT management for third-party accounts on one side (outsourcing), cybersecurity activities on the other.

Doubtful shareholders leave room for buyers

The situation is such that Atos must abandon its planned capital increase of 720 million euros, which was to give it a breath of fresh air. No investor wants to follow. Faced with a wall of debt, the company must repay between three and four billion euros in loans and bonds before the end of 2025, from 22 creditor banks.

Atos has requested the appointment of a proxy, a negotiator, to assist it in its discussions. Especially since a man is lurking around the prey, the Czech billionaire Daniel Kretinsky, who is increasing his stakes in France, in the press, publishing and distribution. He has already saved Casino from its debts and become the largest shareholder of Fnac-Darty. After causing a stir in the daily team The world, he sold several of his shares to Xavier Niel. But he still retains significant weight in the media landscape, remaining a shareholder in She, Marianne or Libération. It was again to him that Vivendi sold Editis. number two in publishing in France, which has more than 40 different publishing brands, including Robert Laffont, Bordas and Plon editions.

Bercy to the rescue

A name reappears, that of Thierry Breton, former boss of Atos, now European Commissioner for the Internal Market. Evil tongues say that Thierry Breton left, in 2019, for Brussels at the right time. Thus he will not have been worried about his industrial strategy decisions, which led the group to be dismantled. Will Atos be the new Alstom sacrificed on the altar of a policy without a strategic vision of French interests?

It remains to be seen the reaction of the Minister of the Economy, Bruno Le Maire, who, in the economic daily The echoes, says he won’t let the group down. Should the French state renationalize, at least partially, Atos? This explosive issue could well have consequences on employment… and on the Olympic Games. Atos has been selected to manage the technology operations command center for the 63 Paris 2024 Olympic and Paralympic venues.