March 29, 2016 / 10:48 AM / in 2 years

Orange and Bouygues boards to meet Wednesday on telecoms tie-up: sources

PARIS (Reuters) - The Orange (ORAN.PA) and Bouygues (BOUY.PA) boards are scheduled to meet separately on Wednesday to discuss the planned sale of Bouygues’s telecom unit, two sources close to the matter said.

People walk past a sign of French telecom operator Orange hanging from a bridge in Cairo, Egypt March 13, 2016. REUTERS/Amr Abdallah Dalsh

With one day remaining before the deadline set by both companies for agreement on the 10 billion euro ($11.2 billion)sale of Bouygues Telecom to Orange, key aspects of the deal remain under discussion and may not be concluded by Wednesday, one of the sources said.

Unresolved questions include financial terms and the subsequent sale of Bouygues assets to rivals Iliad (ILD.PA) and SFR NUME.PA - part of a complex transaction that would reduce the number of French telecoms operators from four to three. Bouygues would also become the second-biggest shareholder in Orange after the French state.

“We’ve worked a lot this past week-end but there remains certain elements to discuss,” one source said.

Orange and Bouygues both declined to comment.

Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by Laurence Frost

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