Orange, Bouygues Shares Drop on SFR Offer

Orange shares fell ~3.5% and Bouygues down ~2.5% after a new SFR offer priced about 20% above the October 2025 bid.
The higher bid, not yet accepted by seller Altice France, sparked profit‑taking despite Orange’s strong YTD performance.
Morgan Stanley expects the deal, if approved, to face a 12‑24‑month antitrust review and sees Orange EBITDAaL growing 3% annually.
No synergy targets or EBITDA multiples disclosed; Altice France has not reported results since Q3 2025.