BULLETIN: France-Based Bouygues to Buy Out E.ON Stake in Telecom Unit Jan 03
Standard & Poors, January 2003
Abstract
PARIS (Standard & Poor's) Jan. 17, 2003--Standard & Poor's Ratings Services said today that the announcement by France-based conglomerate Bouygues S.A. (A-/Stable/A-2) of an agreement to buy out E.ON AG's 15.9% stake in Bouygues Telecom S.A. will have no impact on the corporate credit ratings on Bouygues. The transaction will include an initial cash payment of -394 million in March 2003. The remaining roughly -760 million will not be cashed out until two years later through an option exercisable at year-end 2005, under which Bouygues will enjoy a call option and E.ON a put option. This transaction follows closely on the -619 million cash outlay by Bouygues on Dec. 2, 2002, linked to the purchase of a Universal Mobile Telephone...
Companies mentioned in this report are: Bouygues S.A.,E.ON AG
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Bouygues S.A.,E.ON AG
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