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BOUYGUES

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SPIE drops out of race to buy Equans from Engie

10/12/2021 | 04:39pm EST
FILE PHOTO: Logo of Engie

PARIS (Reuters) - French engineering company SPIE said on Tuesday it was withdrawing from a race to buy utility Engie's Equans services unit.

SPIE's withdrawal leaves three candidates still in the running, Bouygues, Eiffage and Bain Capital.

SPIE, which had submitted a non-binding offer for Equans on Sept. 6, had been selected to participate in the due diligence phase.

SPIE "considers that the information made available as part of this ongoing due diligence phase is not sufficient to allow the company to prepare, within the defined timeframe, a binding offer that meets its standards and objectives," SPIE said in a statement.

"As a consequence, and despite the strategic rationale of the project, SPIE decided to stop all related workstreams and will not submit any offer at the end of this due diligence phase."

Equans provides energy and facilities management services to client companies and employs around 40% of Engie's total workforce worldwide.

The value of the deal is estimated at around 5 billion to 6 billion euros, sources close to the deal have said.

(Reporting by Dominique Vidalon; Editing by Chris Reese and Jane Merriman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BOUYGUES 0.87% 30.24 Real-time Quote.-10.43%
EIFFAGE S.A. 1.00% 84.62 Real-time Quote.6.98%
ENGIE 0.68% 13.066 Real-time Quote.2.56%
SPIE SA 0.81% 22.34 Real-time Quote.24.99%
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Financials
Sales 2021 37 221 M 42 045 M 42 045 M
Net income 2021 1 097 M 1 240 M 1 240 M
Net Debt 2021 1 960 M 2 214 M 2 214 M
P/E ratio 2021 10,4x
Yield 2021 5,67%
Capitalization 11 467 M 12 944 M 12 953 M
EV / Sales 2021 0,36x
EV / Sales 2022 0,34x
Nbr of Employees 129 000
Free-Float 55,1%
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 29,98 €
Average target price 38,14 €
Spread / Average Target 27,2%
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Managers and Directors
Olivier Roussat Chief Executive Officer
Pascal GrangÚ Chief Financial Officer, Deputy CEO & SVP
Martin Bouygues Chairman
Gilles Zancanaro Senior Vice President-Digital, Innovation & Risks
Colette Lewiner Independent Director
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