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STOCKS NEWS EUROPE-Bouygues dips as takeover bid for SFR looms

Reuters - UK Focus

Shares in French telecom-to-construction conglomerate Bouygues (Frankfurt: BYG.F - news) fall 2 percent, the biggest fallers on Paris' CAC 40 index, after sources tell Reuters the group will submit an offer on Wednesday to buy Vivendi (TLO: VIV.TI - news) 's SFR telecom unit.

"The French telco soap opera goes on," a Paris-based trader says.

"Bouygues (Other OTC: BOUYF - news) could finance such an offer through cash, about 8.5 billion euros in debt and some Bouygues shares, which would bring net debt/EBITDA up to 3.1 times versus 1.6 times currently. All in all, a takeover would be more financially enhancing for Numericable than for Bouygues."

For more on Bouygues and SFR, click

Reuters Messaging: blaise.robinson.thomsonreuters.com@reuters.net