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The French Finance Ministry has approved a proposal to nationalize technology company Atos. After thinking about the deal for a while, the French government is now nationalizing Atos
The French Finance Ministry has approved a proposal to nationalize technology company Atos.
After thinking about the deal for a while, the French government is now nationalizing Atos and allocating 70 million euros to investigate the deal. Atos has a debt burden of 5 billion euros. The reason for this is an ill-considered purchasing and expansion strategy in the USA, which did not cause any damage to the company.
Atos has been in trouble for more than three years and has had seven CEOs. The reason for nationalization is the strategic customer base. They work with the French army and France’s largest nuclear company. This should not fall into the hands of foreign investors. Several restructuring discussions have already taken place to reduce the debt burden. This year there was still hope and a buyer was even found. That was in vain…
The company’s sales fell by 2.7 percent to around 5 billion euros in the first half of this year. 9 percent of the workforce was laid off, the company lost 1.9 billion euros and has 4.2 billion euros in debt. 25 years ago, Atos’ share price was just under 150 euros per share, today the value of a share is only 0.67 euros.
The nationalization is another rescue attempt for Atos. We can only hope that it succeeds and that Atos can continue to exist despite the billions in losses.
Source: IT Daily
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