|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||114.30 - 115.50|
|52 Week Range||96.14 - 120.90|
|Beta (5Y Monthly)||0.92|
|PE Ratio (TTM)||23.03|
|Earnings Date||Feb 13, 2020|
|Forward Dividend & Yield||1.90 (1.65%)|
|Ex-Dividend Date||Jun 03, 2020|
|1y Target Est||125.06|
The French financial market authority (Autorité des marchés financiers - AMF) announced today that 139,238,924 Altran shares have been tendered following the reopening of the friendly tender offer of Capgemini (Euronext Paris: CAP) for Altran Technologies (Euronext Paris: ALT). Upon settlement and delivery of the tender offer, scheduled on February 21, 2020, Capgemini will hold 54.17% of Altran’s share capital and at least 54.04% of Altran’s voting rights1.
The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened in Paris on February 12, 2020 to review and authorize the issue of the accounts1 of Capgemini Group for the year ended December 31, 2019.
Capgemini announced today the signing of an agreement to acquire Purpose, one of the world’s leading social impact agencies and hub for campaign innovation, headquartered in New York with outlets across the globe. The expertise of Purpose’s 100 campaigners, creatives, strategists and technologists, combined with Capgemini Invent, the digital innovation, consulting and transformation brand of the Capgemini Group, will further support clients to transform their business models and practices for impact, and engage their stakeholders in making meaningful contributions to society. Founded in New York in 2009, Purpose has spent the last decade building a footprint and reputation for enabling impact across six continents by creating purpose-driven campaigns, branding, creative content, and participatory social impact strategies to a blue-chip client roster.
(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 firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis 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.
Capgemini today announced the successful launch of a bold new human resources transformation initiative on behalf of Great Lakes Cheese (GLC), the premier manufacturer and packer of natural and process bulk, shredded and sliced cheeses. The new Human Resources Information System (HRIS), built by Capgemini on SAP SuccessFactors solutions and Benefitfocus, is designed to improve employee engagement by leveraging cloud, real-time data and insights and mobile applications.
Capgemini today announced that it has won a 2019 ISG Paragon Americas award in the "collaboration" category for its work with HP Inc.
Today we'll evaluate Capgemini SE (EPA:CAP) to determine whether it could have potential as an investment idea. To be...
Britain's Financial Conduct Authority was fined by The Pensions Regulator for failing to provide complete details to the members of its pension plan, the regulators said on Monday. French consulting and IT services provider Capgemini succeeded in securing 53.6% of Altran Technologies' shares following a tender offer that closed on Jan. 22, the French markets regulator said on Monday. UK government is poised to renationalise the failed Northern rail franchise and remove it from the control of Arriva, part of German state-owned railway company Deutsche Bahn.
French consulting and IT services provider Capgemini succeeded in securing more than half of the capital of smaller rival Altran Technologies, the French market regulator AMF said on Monday, marking a win against U.S. activist fund Elliott. The AMF said Capgemini holds 53.6% of Altran's share capital and at least 53.4% of the voting rights. The group - which faced a tussle with Altran shareholder Elliott over its offer price - had aimed to get the backing from just over half of Altran's investors to pursue its bid.
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(Bloomberg Opinion) -- Activist hedge fund Elliott Management Corp. and its French tech consultancy target Capgemini SE face the same test: Do they mean what they say?Capgemini SE this week buckled to pressure from Elliott and other minority shareholders, raising its bid for local rival Altran Technologies SA. The uplift, half a euro per share, or 4%, is a derisory carrot to tempt refuseniks to accept a deal widely considered cheap. But Capgemini is also wielding a stick: A statement that it won’t make another offer to buy Altran for 18 months if shareholders snub this one. What’s more, if it secures a small majority of the shares, it won’t offer to buy additional stock at above the new 14.50 euros ($16.14) per share bid price over the same period.That self-imposed constraint is tactically innovative. It’s designed to quash any attempt to force Capgemini to pay even more, whether for simple control or full ownership. Doing so would be a huge loss of face in view of what it has said.There are limited formal arrangements in France’s M&A regulations that bind companies to final offers or the financial terms of repeat bids. That contrasts with the U.K., where an offer can be formally labelled “final” and then cannot be raised even with the target’s consent. That way, investors who decide to buy, or not buy, shares based on a bidder pronouncement won’t find themselves being caught out by a sudden sweetener.Capgemini’s statement seems categorical on not re-bidding or paying more later but this is unusual territory, and investors could be forgiven for questioning how binding the words are and under what circumstances they’d lose force. What if there’s an approach for Altran from another suitor? Could Capgemini then enter an auction if both sets of shareholders and both boards wanted it to? This seems unlikely, but people will wonder. In practice, it’s hard to see how Capgemini could wriggle out of its commitment without facing sanction or a lawsuit.On the face of it, Altran shareholders have a simple choice between Capgemini’s offer and reverting to their company’s strategy for independence. Altran has some punchy 2022 targets. If met, there’s a plausible argument that the shares would go above the bid price. The fact that Altran’s board backed the original Capgemini offer in June suggests it sees some risk in the plan being delivered. Shareholders may also worry that the suitor is being firm on price because it knows something they don’t, thanks to its due diligence.For Elliott, its credibility and patience face a test. It has opposed an offer at this level as undervaluing Altran. Eighteen months isn’t such a long time to wait if this deal is rejected; while Capgemini has other M&A options, Altran’s size makes it uniquely attractive. Capitulating to the offer would probably deliver only a small profit to Elliott because the fund built its position when the shares were already trading at about 14 euros. That would be vastly outweighed by the dent to credibility from caving in. Still, it wouldn’t be the first activist to settle for less than it asked for and act like it was a major victory.To contact the author of this story: Chris Hughes at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis 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.
The firm, which had thus far said its 3.6-billion-euro (3.1 billion pounds) bid for all of Altran reflected a fair value for the target, is now offering Altran shareholders 14.5 euros per each share they hold, compared to 14 euros previously. This represents an addition of 128 million euros to the initial bid, which Capgemini said would be final. Capgemini decided to raise its offer because Altran's shares are already trading above 14 euros on market rumours that the group might be ready to increase its offer, Hermelin said.
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(Bloomberg Opinion) -- Elliott Management Corp.’s activist attack on Capgemini SE’s lowly 3.6 billion euro ($4 billion) bid for rival IT consultancy Altran Technologies SA is getting help from an unusual source: the bidder. Capgemini’s recent statements about the deal may merely be an incentive for Altran shareholders to sit tight.The target’s investors need to feel some fear if they’re to accept the 14 euros a share offer before it closes in late January. In particular, they need to be afraid that if they say no, Altran shares will fall a long way below the bid price. Such worries were already being eased by the fact that the market, and Altran’s peers, have climbed since the takeover was launched in June.But comments by Capgemini’s chief executive officer Paul Hermelin have only reinforced the idea that there’s little downside to rejecting the offer. In a recent interview, he drew attention to a fairness opinion commissioned by the Altran board which concluded the company was worth about 13 euros a share. That’s hardly going to make shareholders feel an urgent need to take 1 euro a share more.Now look at the commitments that Capgemini has had to make in relation to a legal action against the bid brought by a shareholder lobby group. The hearing for this won’t take place until March, so it’s possible Capgemini could by then have received the minimum 50.1% acceptances it is seeking. Capgemini has said that if it lost the case, so the offer was cancelled, it would relaunch the bid making the necessary fixes. That’s not to say any fresh takeover attempt would be at more than 14 euros a share, but shareholders would certainly gain fresh leverage to demand more.Of course, some Altran shareholders may dislike the offer and yet feel compelled to accept for fear of being stuck in a minority if their fellow investors gave Capgemini those minimum acceptances. Hermelin has himself eased such concerns by indicating that a simple majority holding would be sufficient to enable Capgemini to harvest financial benefits from Altran. In that case, minorities who stayed on board would be compensated as they would enjoy the value creation. And Capgemini has promised minority shareholders the chance to change their mind and accept the offer in March anyway.It’s all grist to Elliott’s mill and the hedge fund naturally exploited the opportunity to play back Capgemini’s statements against the French company’s own offer on Wednesday. Capgemini’s bid may be the only one on the table, but right now the alternatives to accepting it don’t appear terribly frightening.To contact the author of this story: Chris Hughes at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or 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/opinion©2020 Bloomberg L.P.
CAPGEMINISociété Européenne (European Company) with share capital of €1,354,763,992Registered office at 11, rue de Tilsitt, 75017 Paris (France)330 703 844 RCS Paris Paris,.
The French financial market authority (Autorité des marchés financiers - AMF) has set January 22, 2020 as the closing date of Capgemini’s friendly tender offer for Altran Technologies (Euronext Paris: ALT). This follows a ruling from the First President of the Paris Court of Appeal rejecting a request from a minority shareholder to delay the closing date of the tender offer.
Activist hedge fund Elliott would sell its shares in French Altran if software consultancy Capgemini increased its bid for Altran to 18 euros from 14 euros per share, a source familiar with the situation told Reuters on Thursday. The source added that if Capgemini were to increase its bid to that level, French minority shareholders defence group Adam may drop its legal challenge to Capgemini's bid.