(News Bulletin 247) – Bouygues intends to submit a proposed public buyout offer followed by a squeeze-out targeting Colas shares that it does not hold at a price of 175 euros per share. The conglomerate also announced a change in its governance.

Bouygues wants to simplify its organization. The conglomerate which currently holds 96.8% of the capital and 98% of the voting rights of Colas announced Monday morning its intention to file a proposed public buyout offer for the securities it does not yet hold in its specialized subsidiary. in public works.

Bouygues intends to make a cash offer at a price of 175 euros per share, a premium of 54.2% compared to Friday’s closing price of 113.50 euros per share. The public withdrawal offer represents “a premium of 52.2% compared to the average stock price weighted by volumes over the last 60 trading days”, Colas also specified in its press release.

It will be followed by a public squeeze-out offer, Bouygues already owning more than 90% of Colas. At the latter’s request, trading of Colas shares will be suspended today and will resume on Tuesday September 19.

A separation of functions at the head of Colas

Bouygues also announced the separation of the functions of chairman of the board of directors and general manager of Colas, as a continuation of this delisting operation. This restructuring led Frédéric Gardès to resign from his functions as chairman and CEO and from his mandate as director.

He indicated to the Colas board of directors that this plan to delist and this change in the terms of general management “did not correspond to his personal expectations”.

Pascal Grangé, financial director of Bouygues, is therefore appointed non-executive chairman of Colas, and Pierre Vanstoflegatte takes over as general manager.