(News Bulletin 247) – The Financial Markets Authority validates the public withdrawal offer from Bouygues targeting its subsidiary specializing in the construction and maintenance of transport infrastructure.

Colas is very close to leaving the Paris Stock Exchange. The proposed public buyout offer initiated by Bouygues targeting its subsidiary specializing in public works, was declared compliant by the Financial Markets Authority on Monday.

To simplify its organization, Bouygues announced on September 18 this plan to delist Colas, of which it holds 96.8% of the capital and 98% of the voting rights.

A “compliant” operation

And Bouygues has just obtained the green light from the Stock Exchange policeman. The Financial Markets Authority (AMF) thus declared this Monday, November 20, “in compliance with the proposed public withdrawal offer” targeting the subsidiary specializing in infrastructure construction.

The conglomerate will therefore be able to acquire the shares it does not yet hold in its subsidiary specializing in public works, at a price of 175 euros per share. Remember that this price reflects a premium of 54.2% compared to the closing price of 113.50 euros per share on Friday, September 15, the session before the announcement of this project.

On the Paris Stock Exchange, the stock is now trading at 174.50 euros on Monday around 9:15 a.m., not far from the price of 175 euros proposed by Bouygues to delist its subsidiary.

A calendar revealed soon

This operation will be followed by a public squeeze-out offer, Bouygues already owning more than 90% of Colas. Bouygues, which “already meets the holding conditions relating to the squeeze-out”, has asked the Financial Markets Authority to “proceed with the squeeze-out as soon as the public squeeze-out offer closes”, specified the ‘AMF.

Colas specifies for its part that its offer will be open for a period of 10 days, and that the notice “announcing the terms and timetable of the offer” will be published before the opening of the offer.

This reorganization is not only capital-related, it also concerns Colas’ organizational chart. When announcing this operation in September, the conglomerate also announced the appointment of Pascal Grangé as non-executive chairman of Colas, and Pierre Vanstoflegatte as general management.