Atos Restructuring Talks Hit Snag: Onepoint Exits, Kretinsky Seeks Re-entry

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French technology firm Atos announced that the consortium led by investor David Layani’s Onepoint has withdrawn from restructuring discussions. Despite this setback, Atos remains committed to reaching a definitive agreement by July. In an unexpected turn, another consortium, the EPEI group led by Czech billionaire Daniel Kretinsky, which was previously eliminated from the process, has expressed renewed interest in rejoining the talks through a letter to Atos.

This development initially caused Atos’ shares to plummet before they rebounded significantly, surging by 11.9%. The ongoing negotiations mark a critical phase in a prolonged effort to rescue the IT company, which holds strategic importance for the French government.

Earlier this month, it seemed that Layani had secured the bid to restructure Atos’ debt, surpassing Kretinsky. The French government had also presented a non-binding offer to acquire Atos’ business units considered vital for national security. However, the recent withdrawal by the consortium comprising Onepoint, Butler Industries, and Econocom has complicated the situation.

In a separate statement, Atos confirmed that it had concluded negotiations with the French government to safeguard the nation’s “sovereign interests.” As part of this agreement, Bull SA, an Atos subsidiary, will issue a “preferred share” to the French government. This type of share grants more rights to its holders than common shareholders, ensuring the protection of France’s strategic interests in Atos.

The unfolding scenario highlights the complex dynamics involved in the restructuring and the strategic importance of Atos in the technology sector and French national security.