EN Bouygues

Etude de l'AG du 27/04/2017

Bouygues has appointed two additional Deputy Chief Executive Officers since 1 September 2016: Olivier Roussat and Philippe Marien. Their remuneration is aligned with that of Martin Bouygues, Chairman and Chief Executive Officer. Olivier Roussat will become CEO and Martin Bouygues will remain in his role as Chairman.

The Company appeared to have caved under investor pressure with the recent departure of directors linked to its subsidiaries from the Board (Hervé le Bouc and François Bertière for this year).

In addition, Bouygues is one of the few companies in the CAC 40 to offer its shareholders the use of anti-takeover devices. Already at the general meeting of 2016, the Company was one of only in a few in the the index to allow the use of capital increases during a takeover period, as now foreseen by the Florange law. Bouygues is one of 10% of CAC 40 companies to permit the use of a buyback program for its securities during a public offering period and is one of the last two companies to still use warrants (“Bons Breton”) as anti-takeover defenses.

Moreover, we have has reservations about how the Company valued its equity stake in

Alstom.

14/04/2017
43 pages
EN

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Underlying

Consumer Cyclical - France
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