Atos falls 16% as embattled French IT firms weighs rescue deals set to result in ‘massive dilution'

Shares in the struggling French IT firm Atos tumbled on Monday as the company said it would pick between two rescue deals by Wednesday, June 5.

The two restructuring deals on the table are led by Czech billionaire Daniel Kretinsky and key Atos shareholder David Layani.tumbled on Monday as the company weighs between two rescue deals both set to lead to"massive dilution" of existing shareholders.The two restructuring deals on the table are led by Czech billionaire Daniel Kretinsky and key Atos shareholder David Layani. The company will make its choice by Wednesday.

The company said it was working with financial creditors to secure maximum support for one of the deals by June 5, aiming to reach final agreement on restructuring in July. Kretinsky previously carried out discussions with Atos about buying parts of its business, which collapsed. Layani's IT consulting firm Onepoint held over 11% of Atos' share capital and voting rights as of December 2023, according to theirThe deals come after a string of failed talks about whole or partial acquisition of the Atos business. Airbus also held such discussions.to potentially acquire parts of its business.

Atos holds several sensitive contracts with French authorities and the country's military. It is also managing data and cybersecurity for the Paris 2024 Olympic games.Celebrity News

Source: News Formal (newsformal.com)

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