Orange, Bouygues Tie-up Talks Advancing: Report

(RTTNews) - French telecom Orange (ORAN) signed on Christmas Eve a confidentiality agreement with conglomerate Bouygues (BOUYY.PK) with a view to buying its telecoms arm for 10 billion euros, of which about 2 billion euros in cash and 8 billion paid in Orange shares, the Le Journal du Dimanche said, citing sources.

The report specified that meetings between leaders of the two groups will be held this week for negotiations. However, discussions with Free to cede part of the Bouygues Telecom network has not yet started. They will be crucial for an agreement to get the green light from the Competition Authority, the report added.