Orange, Bouygues Shares Drop on Higher €20.35B SFR Bid News

Orange and Bouygues shares fell ~3.5% and ~2.5% on Friday morning amid reports of a revived €20.35 billion ($23.98 billion) consortium bid for Altice France's SFR assets, up 20% from the €17 billion offer rejected last October. Bouygues Telecom, Iliad (Free), and Orange secured exclusivity until May 15 to finalize terms, with Bouygues taking 42% (including B2B and rural mobile), Iliad 31%, and Orange 27%; B2C customers split and key assets like overseas operations excluded. Initial Orange gains to €18.10 (+1.57%) reversed on regulatory risks and limited deal details, signaling France 40 volatility ahead of antitrust review.