Atos - comment

To move the restructuring forward, Atos released a statement this morning, seeking bondholders and banks who wish to participate in the new money and equity to liaise with the Company or advisers to determine the precise terms and conditions of their participation.  The 14th of June, tomorrow, is the record date for holders to participate.  

Atos separately announced earlier in the week that they have entered into exclusive negotiations with ALTEN to sell Worldgrid.  The sale of this business was well flagged, but the buyer surprised us, as we had assumed a French answer, Framatone, which is 80% owned by EDF.  However, the deal has met with Ministerial approval.  Atos appears to have achieved a decent price, c. €270m or 1.6x turnover.