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Shares in satellite company Eutelsat surge on bid interest from Drahi By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: Patrick Drahi is a Franco-Israeli entrepreneur and founder of Altice Group, a mobile and cable telecoms firm. He attends the Altice Campus’s inauguration in Paris on October 9, 2018. REUTERS/Philippe Wojazer/File Photo

PARIS (Reuters) – Shares in French satellite company Eutelsat surged on Thursday after the company rejected a bid proposal from billionaire Patrick Drahi, whose business interests include auction house Sotheby’s and media group Altice.

According to Eutelsat Communications, (OTC), the company confirmed that Patrick Drahi had submitted a proposal. The bid was rejected unanimously by relevant governance bodies. Eutelsat will be priced at 12.10 euro per share and all dividends included.

Eutelsat shares rose by 16.8% to 12.09 euro in the early trading session. This gave it a market capitalization of approximately 2.8 billion euros (or 2.39 billion).

Reuters reported earlier that Drahi made a bid for Eutelsat. He also met with top investors, including the state-backed Bpifrance (which holds a 20% share in the company).

($1 = 1.1714 euros)

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