because analysts like at UBS are seeing a dark future for present shareholders and bondholders. They say wireline in Europe is declining. That is so 1990's. They say Alu will sell off assets. If so the company will go to .25 and Hollande and Obama, the Socialist twins, will nationalize the company to save the jobs. The bondholders will be paid dimes on the dollar. After all debt is extinguished, the company will be repackaged as a too important to fail infrastructure company and resold to private investors. French and American treasuries will then profit from it. So it is the UBS way, be forced to sell off assets and be nationalized, or hold onto assets, become profitable, and remain as a private company.