Murdering bastards.
French IT behemoth Atos facing calls for nationalization as it tries to restructure
Troubled French IT giant Atos is facing more difficulties following calls for the company to be nationalized on security grounds, resulting in its share price plunging to the lowest level in two decades. Atos, which is undergoing a protracted restructuring effort since the middle of last year, saw its shares fall by up to 12 …
COMMENTS
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Tuesday 24th October 2023 15:20 GMT jmch
Sovereignty??
I wonder what those people in France (and the US, UK, etc etc) who insist on their own critical national infrastructure to be built / owned / operated by a company from that country think about those same companies building and operating the critical infrastructure in large swathes of Africa, Asia and Central America??
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Tuesday 24th October 2023 20:06 GMT Anonymous Coward
I’ve had dealings with a couple of the French tech giants. Something off!
Perhaps it’s on account of France being the land of horrible bosses. I don’t think I’ve encountered such culturally over the top, top down organisations anywhere else (and I’ve done business in three of the four corners of this ball of dirt, including the US). That’s before we get to the back-stabbyness. Oh, and the fact that anyone decent ended up leaving the projects due to stress. Think multiple changes of project manager and direction over the course of a project. To be clear, I’m talking of work in France proper. Others may have had more positive experience elsewhere.
Never had to go ATOSsing with ATOS though. That’s a good thing. My refusal wouldn’t have been a net gain for my prospects. What they did at the behest of the worst of British governments makes them a company to avoid.
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Wednesday 25th October 2023 08:59 GMT Anonymous Coward
debt is the issue
The issue is of course a MASSIVE debt (more than 9 billions euros).
So, by splitting the company, came the question of restructuring the debt. Initially, Eviden would take it all and recover it due to high margins in the BDS business.
But it was eventually noticed Eviden had a very lower operating margin, vs. forecasts, in my opinion due to cyber market consolidating in single solutions, vs. the myriad of products doing a tiny bit.
This lead to the debt staying at tech. foundation (historical ATOS business) instead of Eviden, and Eviden 7% shares being given (literally) to Kretinsky, one of Macron's friend. No liability and 7% of Eviden, who here would push back ? That's why the market was upset.
If it sounds like the disastrous sale of Alstom to General Electrics in 2018 I think, only to purchase back, years after, half of it, for double the price, this is normal, same pattern.
In the same way the Macron gang "realized" Alstom was making France's Arabelle turbins that produce almost all of french electricity, in 5 years, they'll buy back Eviden strategical activities from Kretinsky for billions.
PS: (still) ATOS employee, here, hence anon.