Telecom Services: Consolidation talks, again and again...

According to BFM Business, consolidation talks have started again between the French operators. Bouygues and SFR have categorically denied. We believe the rationale behind a consolidation on the French telecoms market remains intact, but we still have difficulties identifying the appropriate scheme. Although we do not think any major move should happen in the very short term, we view the consolidation as a free option for Orange, Iliad and Altice.

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