2023-10-25 05:58:01
What if nationalization could be a solution to get Atos, the former French flagship of IT services, out of the abyss into which it fell? This is the meaning of the two amendments tabled by deputies Philippe Brun (PS) and Olivier Marleix (LR). They must be discussed on Wednesday October 25 in the Finance Committee during examination of the draft budget.
National independence highlighted
Philippe Brun is proposing a takeover by the State of two divisions of the group, BDS and Worldgrid, which work on ultra-sensitive areas, such as cybersecurity, with for example domestic intelligence research software, supercomputers which make it possible to simulate nuclear tests, or even the management of the armed forces’ secure telephone. According to him, “these sovereign activities, currently being dismantled”would be valued at 390 million euros. “We cannot let a foreign company take control of these activities that are absolutely essential to our national independence”he explains.
Olivier Marleix claims, for his part, “a temporary total nationalization” of Atos, which he values at 500 million euros, roughly its market capitalization. “This choice is motivated by threats of acquisition from Daniel Kretinsky(a Czech businessman, Editor’s note) and the major changes planned for the group »affirms the leader of the LR deputies.
These initiatives are rather poorly viewed by the company. “Political maneuvers”, denounce a source close to management. For its part, the Ministry of the Economy says it is opposed to nationalization. Given the balance of power, these amendments nevertheless have a chance of being adopted in committee before being rejected in session since the government has triggered the 49.3 procedure. “We want to mark the occasion and alert public opinion given the emergency situation at Atos, a file which is managed directly by the Élysée”says Philippe Brun.
A very bad time
Nothing is going well for the company, which has grown through acquisitions, such as that of Bull in 2014. Acquisitions which have not all proven to be judicious, a posteriori, in particular under the leadership of Thierry Breton who was at the helm. at the helm from 2008 to the end of 2019, before joining Brussels for a position as European Commissioner. Analysts today speak of a strategy that is difficult to read, with historical professions around outsourcing (company IT management) in slow decline, because they are threatened by data hosting on the Internet.
For two years, Atos has multiplied its profit warnings, increased its operational losses (434 million euros in the first half compared to 298 million a year earlier) and seen its debt soar to reach 2.3 billion at the end of the year. end of June. Investors no longer believe it, the stock is at its lowest level. After being close to €100 in the summer of 2017, it fell to less than €5.
Atos is also facing a cascade of departures, including the very recent resignation of the chairman of the board of directors Bertrand Meunier. He was replaced on October 16 by Jean-Pierre Mustier, ex-Société Générale and former boss of the Italian bank UniCredit, who was until now an independent director of Atos.
Split delayed, but still relevant
Bertrand Meunier launched a project in June 2022 to split the company into two companies“to unlock its value creation potential”. Finalized this summer, the plan provides that the IT consulting activities, grouped under the name Tech Foundations, would be sold to the EPEI group, owned by Czech businessman Daniel Kretinsky. The other part, that is to say cybersecurity, big data and supercomputers, would remain within the fold of Atos. It would be listed on the stock exchange but renamed Eviden, and Daniel Kretinsky would become one of the main shareholders, through a capital increase.
This is where things get stuck, the project is strongly contested in the political class as well as by several minority shareholders, some of whom have already taken the matter to court. This summer, 82 LR parliamentarians called on the government, in a forum, to maintain Atos “under the French fold”.
At the end of September, Prime Minister Élisabeth Borne wanted to be reassuring. “Even if the operation were completed, it would have no impact in terms of control or blocking rights over sensitive activities”, she replied to Olivier Marleix, during a session of questions to the government at the National Assembly. But she didn’t really convince.
Other actors could return to the stage
Today, vagueness dominates. According to management, the departure of Bertrand Meunier does not call into question the split plan. But it should be delayed “in the second quarter of 2024”time to “renegotiate certain parameters”she explains without further details.
Could other actors return to the game? In any case, this is the signal that the deputies want to send by voting for the amendment. Some had already looked at the file, like Thalès, who wanted to get their hands on BDS, the Atos gem specializing in military security. Airbus had also positioned itself to take 29.9% of the future Eviden, but the offer was unsuccessful. Bpifrance was also interested.
But everyone left aside the Tech Foundations part, which still represents 6 billion euros in turnover and 52,000 employees, or a little less than half of the group’s scope.
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