"Il faut laisser le marché décider !" selon Paul Hermelin, PDG de Capgemini

There are two factors. First, IT and data are changing many professions. There will be a revolution in data in manufacturing and R&D. So there is a convergence of IT technologies and operating technologies. Second, in France, we have two listed companies: Altran, a leader in R&D and engineering, and Capgemini, a leader in IT. I thought that by merging them, we could manage this convergence. Everyone agrees it's a good idea, even the activist fund. We will argue about deadlines and price, but everyone considers this a good rapprochement.

The second point is Elliott and their friends, who are trying to slow down the operation using legal procedures. That's legal, but it delays the moment of truth. We are into litigation that will last months. In the end, it's legal blackmail to try to make us cave. I said we won't cave. These appeals waste time and disrupt the operation.

I find it damaging because French law means exhausting all appeals takes five months. We thought we could conclude by end of November, but now we have a suspensive appeal pending. If the court rules against us, we wait. That doesn't change the outcome, but it makes the operation fragile because we are in a people business. When delays happen, people get headhunted and we risk losing substance. That's problematic.

It doesn't change the finality, but it makes it fragile because our business is about people. If the operation drags on, we risk losing quality individuals. That's damaging. We should stop the dithering and let the market decide. If Elliott and others think €14 is not enough, let the market decide.

I reply simply: those who know Altran well, the board of directors, agreed to the price of €14. An expert report by Finexsi determined Altran is worth a little over €13, so €14 adds a premium. Our analysis says it's worth €14. Let the market decide. The market currently values Altran at €14.06. If we don't get 50.1%, the stock will fall heavily. I am serene; I think we will get 50.1%.

I think we will get 50.1%. The contacts with shareholders confirm that. Elliott has maybe a little over 10% at Altran. We believe we will win. If not, Altran stays listed and we live with them as minority shareholders. I am perfectly serene. The market is at €14.06, and we won't agree with Elliott at that price, but let the market decide.

Either we get 50.1% and the takeover succeeds, we create value, and Elliott is a minority shareholder. Or we don't, and Altran stays listed and we can still deliver the immense majority of strategic value with Altran listed and controlled. We have studied that. There have been informal contacts, but we are not going to raise the bid. Never say never, but for the next five months it's €14 and nothing else.

Yes, because we are doing this acquisition without issuing new shares. We have unused balance sheet capacity, using cash and debt. So obviously it's accretive from 2020.

Altran brings electronic skills; we bring data and information management. 5G is not just an extension of 4G; its quality allows encrypted signals and coordinated management of professional assets over long distances. It can enable connected products of a different quality and coordinated management of multiple factories. There is considerable industrial potential.

We are currently number 8 globally. This will gain us one place. It's not enough. I am passing the baton to my friend Aiman Ezzat in May. He will have work to do to get into the top 5. I think we can do it within three years. We'll talk about it then.