Explainer-French trio’s planned $24 billion telecoms deal to test EU resolve

A proposed €20.35bn ($24bn) joint bid by Bouygues Telecom, Iliad (Free) and Orange for most of Altice France’s SFR would reshape France’s highly competitive telecoms sector and test EU antitrust resolve. Consolidation could ease price wars that have pressured margins, but the European Commission and French authorities — where Paris is a major Orange shareholder — are likely to subject each buyer’s share to separate, stringent antitrust reviews. The commission has not yet been formally notified; if it is, the standard Phase I review is 25 working days (extendable), with a possible in-depth Phase II of up to 90–105 working days. A deal faces political scrutiny over jobs, prices and service quality. Market implications include potential re-rating of French telecom stocks and volatility for France-focused indices if regulators demand heavy remedies or block the deal.