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Orange Not Succeed To Get Its Hands On The Entire Of Orange Belgium

Description of Orange Not Succeed To Get Its Hands On The Entire Of Orange Belgium

Orange has acquired 77% of the shares of Orange Belgium after an eventful takeover bid a half-failure for the operator, who will not be able to withdraw the Belgian operator from the Brussels Stock Exchange.
The Orange group may well have gone out of its way to get Orange Belgium out of the Brussels Stock Exchange; it will have served no purpose.
At the end of an eventful takeover bid for shares, the French group chaired by Stéphane Richard failed to acquire the 47% of Orange Belgium's capital which would have enabled it to withdraw the Belgian operator of any quotation. The group specializing in telecommunications is still closing this campaign by getting its hands on 77% of the shares of the Belgian operator , instead of the 53% held before the launch of this takeover bid.
Still, the determination of the minority shareholders of the Belgian operator will have paid off. As a reminder, the latter did not want to sell their shares at the rate of 22 Euros per share proposed by Orange, estimating the latter undervalued compared to the real value of the operator.
Dictating the conduct of Orange Belgium
After launching a public takeover bid for Orange Belgium shares at this price from April 8 to 23, Orange reopened this offer from April 26 to May 4. Without success for the French group indicates that 14,368,307 Orange Belgium shares were tendered in total, representing 23.94% of the share capital of Orange Belgium and 50.97% of the total number of shares subject to the ‘offer?
The campaign led by Orange nonetheless enabled the group to hold 77% of the shares of the Belgian operator, allowing it to freely dictate the conduct of Orange Belgium. "We have achieved the objective that we had set ourselves: to offer a fair price to shareholders who wished to monetize their shares and to strengthen us in the capital of Orange Belgium," said Ramon Fernandez, Orange's financial director.
And to estimate that “with nearly 77% of the capital held by the Group, we now have the means to improve the financial flexibility of Orange Belgium, to deploy its strategy of long-term value creation more effectively and to enable it to react better to major changes in the Belgian market ”.