Orange CEO Christel Heydemann says consortium is in exclusive talks with Altice France to bid for SFR, valued at €20.35 billion.
The potential joint bid includes Orange, Bouygues, and Iliad, and must file separate antitrust notifications with French competition authorities.
Deal would cut France's mobile operators from four to three, with Orange considering behavioral remedies similar to the UK Vodafone‑Three merger.
Exclusive talks run until May 15 and no binding agreement has been signed yet.