PARIS (Reuters) – Cash-strapped IT firm Atos said on Monday it was still aiming to reach a deal with the French state on the sale of its most strategic activities such as cybersecurity and super-computing after the government’s initial offer had expired.
WHY IT IS IMPORTANT
Atos, which is undergoing restructuring proceedings after it reached a deal with its main creditors earlier this year, secures communications for the French military and secret services and manufactures servers to make supercomputers.
KEY QUOTES
“Atos has offered to continue discussions and has indicated that it has submitted a new proposal to the French State that is compatible with the financial restructuring plan,” the company said. adding: “The expiry of the offer has no impact on the ongoing financial restructuring”.
CONTEXT
The French government’s initial offer was part of a concerted effort to retain control over strategic technology assets within the country.
The concerned entities – Advanced Computing, Critical Systems and Cyber Products which are part of Atos’ cybersecurity unit BDS, employ about 4,000 people and generate about 900 million euros ($987.30 million) of annual sales, a French Finance Ministry official told Reuters in April.
WHAT’S NEXT
Should the ongoing talks lead to a potential sale, Atos said any deal with the French state would require the prior approval of the Nanterre Commercial Court, where Atos’ accelerated safeguard plan will be submitted on October 15.
($1 = 0.9116 euros)
(Reporting by Tassilo Hummel; Editing by Sudip Kar-Gupta)
