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Altran Technologies S.A. (0IWK.L)

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  • Globe Newswire

    Correction: Altran reaches a new milestone in its development by becoming part of Capgemini Group

    Press release   April 2, 2020   Altran reaches a new milestone in its development by becoming part of Capgemini GroupAltran shareholders have overwhelmingly chosen to tender their shares to the friendly takeover bid initiated by Capgemini. Capgemini has thus reached the mandatory withdrawal threshold and successfully completed its acquisition of Altran, which will now become an integral part of Capgemini Group, a global leader in consulting, technology services and digital transformation. This acquisition will bring forth the world leader in the “Intelligent Industry.”A new chapter thus begins for the development of Altran, more than 35 years after its creation.Dominique Cerutti, Chairman and Chief Executive Officer of Altran, commented, “This merger with Capgemini is a turning point in the history of Altran, creating the world leader in the ‘Intelligent Industry’ to champion the digital transformation of companies. This is a crucial step in the development of our company. For more than 35 years, we have been helping our clients rise to their innovation and transformation challenges, from design to industrialization. Our Group recently strengthened its leadership position by developing differentiated service models that offer comprehensive expertise in the field of cutting-edge technologies and an aptitude for industrialization thanks to the capacities of our Globalshore model. None of this would have been possible without the talent and commitment of our teams worldwide, as well as the trust relationship that we have built with our clients. Today I would like to express my sincere gratitude to all. Together, we will now focus fully on integrating Altran into the new alliance, pooling the skills and talents of our respective Groups. We are committed to putting forth a joint offering for our current and future clients, while taking advantage of the finest disruptive technologies, including the cloud, the Internet of Things, cutting-edge IT, artificial intelligence and 5G.”On April 1, 2020, Capgemini announced that it had reached the mandatory withdrawal threshold of 90% of Altran’s capital. Altran will thus cease to be an independent company and will be delisted on April 15, 2020.  In this context and as of that date, Altran will no longer publish individual financial information; the company’s performance will be integrated into Capgemini’s financial publications.About Altran Altran ranks as the undisputed global leader in Engineering and R&D services. The Group offers clients an unmatched value proposition to address their transformation and innovation needs. Altran works alongside its clients, from initial concept through industrialization, to invent the products and services of tomorrow. For over 30 years, the company has provided expertise in Automotive, Aeronautics, Space, Defense & Naval, Infrastructure & Transportation, Industry & Consumer Goods, Life Sciences, Communications, Semiconductors & Electronics, Software & Internet, Finance and the Public Sector. In 2019, Capgemini and Altran announced a merger plan based on a friendly takeover bid aiming to create a world leader in “Intelligent Industry.” Altran generated revenues of €3.2 billion in 2019, with more than 50,000 employees in over 30 countries. www.altran.com Contact Stéphanie Bia Senior Vice-President Communications & Investor Relations Tel: + 33 (0)1 46 41 72 01 stephanie.bia@altran.com Follow us on Twitter: @AltranAttachment * Altran - PR - Altran becomes part of Capgemini - 2 April 2020 - EN - Final

  • Globe Newswire

    Altran reaches a new milestone in its development by becoming part of Capgemini Group

    Press release   April 2, 2020   Altran reaches a new milestone in its development by becoming part of Capgemini GroupAltran shareholders have overwhelmingly chosen to tender their shares to the friendly takeover bid initiated by Capgemini. Capgemini has thus reached the mandatory withdrawal threshold and successfully completed its acquisition of Altran, which will now become an integral part of Capgemini Group, a global leader in consulting, technology services and digital transformation. This acquisition will bring forth the world leader in the “Intelligent Industry.”A new chapter thus begins for the development of Altran, more than 35 years after its creation.Dominique Cerutti, Chairman and Chief Executive Officer of Altran, commented, “This merger with Capgemini is a turning point in the history of Altran, creating the world leader in the ‘Intelligent Industry’ to champion the digital transformation of companies. This is a crucial step in the development of our company. For more than 35 years, we have been helping our clients rise to their innovation and transformation challenges, from design to industrialization. Our Group recently strengthened its leadership position by developing differentiated service models that offer comprehensive expertise in the field of cutting-edge technologies and an aptitude for industrialization thanks to the capacities of our Globalshore model. None of this would have been possible without the talent and commitment of our teams worldwide, as well as the trust relationship that we have built with our clients. Today I would like to express my sincere gratitude to all. Together, we will now focus fully on integrating Altran into the new alliance, pooling the skills and talents of our respective Groups. We are committed to putting forth a joint offering for our current and future clients, while taking advantage of the finest disruptive technologies, including the cloud, the Internet of Things, cutting-edge IT, artificial intelligence and 5G.”On April 1, 2020, Capgemini announced that it had reached the mandatory withdrawal threshold of 90% of Altran’s capital. Altran will thus cease to be an independent company and will be delisted on April 15, 2020.  In this context and as of that date, Altran will no longer publish individual financial information; the company’s performance will be integrated into Capgemini’s financial publications.About Altran Altran ranks as the undisputed global leader in Engineering and R&D services. The Group offers clients an unmatched value proposition to address their transformation and innovation needs. Altran works alongside its clients, from initial concept through industrialization, to invent the products and services of tomorrow. For over 30 years, the company has provided expertise in Automotive, Aeronautics, Space, Defense & Naval, Infrastructure & Transportation, Industry & Consumer Goods, Life Sciences, Communications, Semiconductors & Electronics, Software & Internet, Finance and the Public Sector. In 2019, Capgemini and Altran announced a merger plan based on a friendly takeover bid aiming to create a world leader in “Intelligent Industry.” Altran generated revenues of €3.2 billion in 2019, with more than 50,000 employees in over 30 countries. www.altran.com Contact Stéphanie Bia Senior Vice-President Communications & Investor Relations Tel: + 33 (0)1 46 41 72 01 stephanie.bia@altran.com Follow us on Twitter: @AltranAttachment * Altran - PR - Altran becomes part of Capgemini - 2 April 2020 - EN - Final

  • A Bunch of Merger Arbs Is Playing the Long Game
    Bloomberg

    A Bunch of Merger Arbs Is Playing the Long Game

    (Bloomberg Opinion) -- Capgemini SE picked up some fellow travelers with its 3.7 billion euros ($4 billion) bid for Altran Technologies SA: a large cohort of minority shareholders who refused to accept the French IT group’s offer, including activist-in-chief Elliott Management Corp. Tuesday’s decent results from Altran diminished the prospect of these holdouts selling when the tender process reopens briefly next month.(1) That leaves Capgemini with the most basic form of control over Altran and a big thorn in its side.Having guided that it wouldn’t raise the 14 euros-a-share offer made in June last year, Capgemini flip-flopped at the last minute and added a paltry half euro in January. That helped it secure acceptances of 54%, just above the threshold set for a takeover. Exclude the 11% holding Capgemini had already purchased from private equity firm Apax Partners SAS, and the other shares proffered amount to less than half of the remaining register. That indicates widespread unhappiness with the terms.Elliott has a 15% holding. The precise composition of the remaining one-third of the register is unclear. Many long-term Altran shareholders sold in the seven-month battle, so it’s likely that the “remainers” include merger arb funds. Such investors would be hoping for the chance to get a higher price for their shares in the future than Capgemini was offering. If so, that would make Altran a special case: Arbs don’t normally hang around after extracting a sweetener.A lucrative buyout is some way off. Capgemini said it wouldn’t make an offer to minorities above 14.50 euros a share price for 18 months. A sudden dip in Altran’s performance would make that price more attractive. But there were no shocks in its latest numbers; Altran shares currently trade at just over that level.Capgemini still has good reason to seek 100% ownership. As things stand, it cannot fully integrate Altran but must run it as a separate entity. It will be under pressure to show that it’s not managing operations for its benefit at the expense of other shareholders. It may be able to reap some revenue synergies, but the benefits from the transaction will fall short of their full potential.What has Capgemini achieved? Its shares jumped 8% on the day the deal was announced last year, reflecting the strong financial and industrial logic of combining the firms. Those gains have since evaporated. Capgemini’s stock is now only slightly outperforming the French index.Declarations of victory in this battle, from either side, will have to wait. Elliott and the minorities have a strong negotiating position if Capgemini moves to take full control in 2021. Capgemini has bought a controlling stake in Altran cheaply. As a parting gift from outgoing Chief Executive Officer Paul Hermelin to his successor Aiman Ezzat, it’s better than nothing. But Ezzat has his work cut out to prove he can extract value from this deal with scarcely more than half the shares.(1) Approval for the deal is subject to a court challenge; Capgemini has indicated it will either refile its offer or reopen it to acceptances depending on the outcome.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.