{"id":19569,"date":"2022-07-19T14:38:44","date_gmt":"2022-07-19T14:38:44","guid":{"rendered":"http:\/\/localhost:8080\/?p=19569"},"modified":"2022-07-19T14:38:44","modified_gmt":"2022-07-19T14:38:44","slug":"rapprochement-orange-espagne-masmovil-s-unir-ou-sortir","status":"publish","type":"post","link":"https:\/\/dev.cfecgc-orange.app\/index.php\/2022\/07\/19\/rapprochement-orange-espagne-masmovil-s-unir-ou-sortir\/","title":{"rendered":"Rapprochement Orange Espagne \/ M\u00e1sM\u00f3vil : s\u2019unir ou sortir ?"},"content":{"rendered":"<p><em>&nbsp;[French version here\/English version below]<\/em><\/p>\n<p><em>Dans le cadre de la r\u00e9union du Comit\u00e9 de Groupe Europ\u00e9en d&rsquo;Orange des 28,29 et 30 juin 2022 \u00e0 Bruxelles, les repr\u00e9sentants des personnels europ\u00e9ens devaient rendre un avis sur le projet de Joint-Venture entre Orange Espagne et M\u00e1sM\u00f3vil, pour lequel <a href=\"https:\/\/newsroom.orange.com\/orange-et-masmovil-entrent-en-negociations-exclusives-en-vue-dun-rapprochement-de-leurs-activites-en-espagne\/?lang=fr\">l\u2019entr\u00e9e en n\u00e9gociation exclusive a \u00e9t\u00e9 annonc\u00e9e le 8 mars dernier<\/a>. La pr\u00e9sentation et la r\u00e9ponse aux questions du Comit\u00e9 \u00e9taient assur\u00e9es par Mari-No\u00eblle JEGO LAVEISSIERE, Directrice G\u00e9n\u00e9rale Adjointe en charge de l\u2019Europe, Fabien INGLESE, Julien RAULT et Silvain FOCK-YEE, de l\u2019\u00e9quipe des fusions-acquisitions d\u2019Orange, et Jean-Michel POULALION, Vice-Pr\u00e9sident Europe en charge des Ressources Humaines.<\/em><\/p>\n<p>On le sait, Orange est \u00e0 la peine depuis 2019 sur un march\u00e9 espagnol hyperconcurrentiel, avec 4 op\u00e9rateurs (Telefonica, Orange, Vodafone et M\u00e1sM\u00f3vil), et une multitude de marques r\u00e9gionales et\/ou low-cost.<\/p>\n<p>Selon la Direction d\u2019Orange, <a href=\"https:\/\/www.lesechos.fr\/tech-medias\/hightech\/orange-veut-reduire-ses-effectifs-de-15-en-espagne-1315246\">les mesures drastiques engag\u00e9es en 2021<\/a> ne seront pas suffisantes pour restaurer la profitabilit\u00e9, alors qu\u2019Orange Spain a d\u00e9j\u00e0 connu deux plans sociaux (435 d\u00e9part en 2016 apr\u00e8s le rachat de Jazztel et pr\u00e8s de 400 en 2021, dans le cadre d\u2019une rationalisation du portefeuille des marques commercialis\u00e9es par Orange en Espagne). Le rapprochement d\u2019Orange Spain avec un autre acteur lui appara\u00eet d\u00e8s lors comme la seule solution pour sortir de l\u2019orni\u00e8re. <a href=\"2022071512017\/actu-telecoms\/en-fusionnant-avec-masmovil-orange-espagne-mise-sur-les-economies-d-echelle.html\">Comme l\u2019a soulign\u00e9 Jean-Fran\u00e7ois Fallacher<\/a>, actuel CEO d\u2019Orange Spain, M\u00e1sM\u00f3vil serait le meilleur choix pour assurer la r\u00e9ussite du nouvel ensemble.<\/p>\n<p>Sur le papier, l\u2019alliance avec M\u00e1sM\u00f3vil pr\u00e9sente des aspects positifs, en raison notamment de la compl\u00e9mentarit\u00e9 entre les deux op\u00e9rateurs&nbsp;: &nbsp;<\/p>\n<ul>\n<li>M\u00e1sM\u00f3vil ne poss\u00e8de pas de r\u00e9seau&nbsp;: il utilise essentiellement ceux d\u2019Orange&nbsp;;<\/li>\n<li>L\u2019association des deux op\u00e9rateurs permet de couvrir tous les segments de march\u00e9 (Orange essentiellement sur le segment Premium, M\u00e1sM\u00f3vil sur le low-cost)&nbsp;;<\/li>\n<li>M\u00e1sM\u00f3vil aurait \u00e9galement de bonnes comp\u00e9tences IT qui seront utiles au nouvel ensemble&nbsp;;<\/li>\n<li>Enfin, aucun des deux acteurs ne poss\u00e8de de r\u00e9seau de boutiques en propre, seulement quelques-unes qui seront en principe conserv\u00e9es, car elles permettent de maintenir la connaissance des comportements clients.<\/li>\n<\/ul>\n<p>Selon la Direction, cette compl\u00e9mentarit\u00e9 permet donc de limiter les suppressions de postes&nbsp;: seules les fonctions manag\u00e9riales redondantes seraient concern\u00e9es\u2026 ce qui n\u2019est cependant pas rien aux yeux des repr\u00e9sentants des personnels.<\/p>\n<p>Elle pose aussi de nombreuses questions sur la capacit\u00e9 de deux entreprises aux profils aussi antinomiques (un op\u00e9rateur poss\u00e9dant ses infrastructures r\u00e9seau \/ un acteur \u00ab&nbsp;ultra l\u00e9ger&nbsp;\u00bb, dont les actifs t\u00e9l\u00e9coms sont essentiellement des licences et des contrats d\u2019acc\u00e8s aux r\u00e9seaux d\u2019autres op\u00e9rateurs) \u00e0 se rapprocher avec succ\u00e8s.<\/p>\n<p>Le dossier pr\u00e9sent\u00e9 au Comit\u00e9 de Groupe pr\u00e9sente \u00e9galement de nombreuses zones d\u2019ombre. Certaines sont li\u00e9es aux clauses de confidentialit\u00e9 qui encadrent la pr\u00e9paration d\u2019op\u00e9rations de rapprochement entre deux entreprises concurrentes, et qui pourraient le rester si le projet n\u2019aboutit pas. On ne conna\u00eet pas non plus les \u00ab&nbsp;rem\u00e8des&nbsp;\u00bb susceptibles d\u2019\u00eatre exig\u00e9s par les autorit\u00e9s de la concurrence, particuli\u00e8rement la Commission europ\u00e9enne, pour valider ce rapprochement. Il seront prononc\u00e9s au mieux en juin 2023, &nbsp;plusieurs mois apr\u00e8s la signature par les deux acteurs de leur engagement irr\u00e9vocable dans l\u2019op\u00e9ration, et la configuration inhabituelle de ce rapprochement rend tout pronostic particuli\u00e8rement difficile quant \u00e0 leur nature et \u00e0 leur ampleur.<\/p>\n<p>L\u2019expertise r\u00e9alis\u00e9e par le cabinet Peritus suite \u00e0 la demande des \u00e9lus a en outre mis le doigt sur une \u00e9pineuse&nbsp;question : la dette de M\u00e1sM\u00f3vil, actuellement de l\u2019ordre de 6 milliards d\u2019euros, sera vraisemblablement mise \u00e0 la charge du nouvel ensemble, dans des conditions et pour un montant final qui ne nous ont pas \u00e9t\u00e9 pr\u00e9cis\u00e9s dans le cadre de cette information-consultation. Pr\u00e9cisons qu\u2019actuellement, Orange Spain n\u2019a pas de dette dans ses comptes, celle-ci \u00e9tant int\u00e9gr\u00e9e dans la dette globale port\u00e9e par le Groupe.<\/p>\n<p>M\u00e1sM\u00f3vil est principalement d\u00e9tenu par 3 fonds d\u2019investissement (Providence, Cinven et KKR), dont l\u2019objectif essentiel est de r\u00e9cup\u00e9rer leur mise avec une plus-value, pas forc\u00e9ment d\u2019exploiter dans la dur\u00e9e un op\u00e9rateur de t\u00e9l\u00e9communications\u2026 ni de verser cash l\u2019\u00e9cart de valeur constat\u00e9 entre les deux acteurs pour finaliser le rapprochement, qui a sans doute plut\u00f4t pour but de r\u00e9cup\u00e9rer tout de suite une partie du capital engag\u00e9. Orange a au contraire manifest\u00e9 son intention de rester pr\u00e9sent en Espagne, ce que traduit la possibilit\u00e9 pour le Groupe de prendre le contr\u00f4le en cas de mise en bourse du nouvel ensemble. C\u2019est donc Orange qui devra rendre ses activit\u00e9s profitables dans la dur\u00e9e. Sera-ce possible en assumant la charge de la dette issue du rapprochement avec M\u00e1sM\u00f3vil&nbsp;?<\/p>\n<p>Il n\u2019est sans doute pas inutile de rappeler les \u00e9pisodes pr\u00e9c\u00e9dents&nbsp;: l\u2019essor de M\u00e1sM\u00f3vil est notamment le r\u00e9sultat des <a href=\"https:\/\/investir.lesechos.fr\/actions\/actualites\/la-commission-europeenne-autorise-le-rachat-de-jazztel-par-orange-sous-conditions-1051558.php\">engagements impos\u00e9s \u00e0 Orange Spain par la Commission europ\u00e9enne lors du rachat de Jazztel<\/a> en 2015, qui ont entre autres permis \u00e0 M\u00e1sM\u00f3vil d\u2019acc\u00e9der au r\u00e9seau mobile d\u2019Orange\u2026 dans des conditions financi\u00e8res suffisamment avantageuses pour lui permettre de tailler des croupi\u00e8res \u00e0 Orange, en particulier sur le segment \u00ab&nbsp;low-cost&nbsp;\u00bb. C\u2019est ce qui explique en large partie pourquoi Orange Spain, qui fut pendant quelques ann\u00e9es l\u2019un des fleurons du Groupe en Europe, a vu ses r\u00e9sultats se d\u00e9grader fortement. Sept ans apr\u00e8s, Orange Spain et M\u00e1sM\u00f3vil cherchent \u00e0 se rapprocher, mais il est l\u00e9gitime de se demander qui au fond rach\u00e8te l\u2019autre, puisque la dette de M\u00e1sM\u00f3vil sera port\u00e9e par le nouvel ensemble.<\/p>\n<p><strong>Au vu des \u00e9l\u00e9ments pr\u00e9sent\u00e9s dans le dossier et des \u00e9tapes restant \u00e0 parcourir avant la mise en \u0153uvre effective de l\u2019op\u00e9ration, il \u00e9tait presque impossible pour les membres du Comit\u00e9 de Groupe europ\u00e9en d\u2019avoir une \u00e9valuation claire des impacts \u00e9conomiques et sociaux de ce projet&nbsp;: <\/strong><\/p>\n<ul>\n<li><strong>Permettra-t-il de retrouver une situation \u00e9conomique saine dans la dur\u00e9e&nbsp;? <\/strong><\/li>\n<li><strong>\u00c9vitera-t-il de nouveaux plans sociaux comme la filiale en a d\u00e9j\u00e0 connus&nbsp;? <\/strong><\/li>\n<li><strong>N\u2019est-ce pas <em>in fine<\/em> la culture \u00ab&nbsp;low-cost&nbsp;\u00bb de M\u00e1sM\u00f3vil qui l\u2019emportera dans le nouvel ensemble, avec une forte pression sur les \u00e9quipes qui devront accro\u00eetre les profits pour absorber la dette, avec \u00e0 la clef une d\u00e9gradation de leurs conditions de travail&nbsp;?<\/strong><\/li>\n<\/ul>\n<p><strong>Pour l\u2019ensemble de ces raisons, le Comit\u00e9 de Groupe europ\u00e9en a rendu un avis n\u00e9gatif sur cette op\u00e9ration. Ses membres ont \u00e9galement demand\u00e9 \u00e0 la Direction de s\u2019engager \u00e0 lui donner <\/strong><strong>le maximum de visibilit\u00e9 sur les \u00e9volutions intervenant entre la demande d\u2019avis et le \u00ab&nbsp;signing&nbsp;\u00bb proprement dit (qui devrait intervenir d\u2019ici fin juillet) : <\/strong><\/p>\n<ul>\n<li><strong>Information en cas de modifications mineures ayant peu ou pas d\u2019impact sur la confirmation des accords entre les propri\u00e9taires d\u2019Orange et de M\u00e1sM\u00f3vil et plus g\u00e9n\u00e9ralement le projet tel qu\u2019il nous a \u00e9t\u00e9 pr\u00e9sent\u00e9 ; <\/strong><\/li>\n<li><strong>Consultation en cas de modifications majeures susceptibles d\u2019impacter les termes de l\u2019accord ou les cons\u00e9quences \u00e9conomiques et sociales du projet. <\/strong><\/li>\n<\/ul>\n<p><strong>Ils revendiquent enfin un droit d\u2019information sur le suivi de l\u2019op\u00e9ration&nbsp;: si en raison de la forme du rapprochement (joint-venture \u00e0 50\/50), le nouvel ensemble \u00e9chappe th\u00e9oriquement au droit de regard qui leur est conf\u00e9r\u00e9 par la r\u00e9glementation europ\u00e9enne, ils ont mis l\u2019accent sur la n\u00e9cessit\u00e9 pour la Direction d\u2019Orange de faire preuve de transparence et de loyaut\u00e9, seules garantes d\u2019un dialogue social de qualit\u00e9 dont se r\u00e9clame par ailleurs la Direction du Groupe.<\/strong><\/p>\n<p><em>[English version]<\/em><\/p>\n<h2>Orange Spain \/ M\u00e1sM\u00f3vil merger: unite or leave?<\/h2>\n<p><em>As part of the meeting of Orange&rsquo;s European Works Council on June 28<\/em><em>th<\/em><em>, 29<\/em><em>th<\/em><em> and 30<\/em><em>th<\/em><em>, 2022 in Brussels, European staff representatives were to give an opinion on the joint venture project between Orange Spain and M\u00e1sM\u00f3vil, for which <\/em><em><a href=\"https:\/\/newsroom.orange.com\/orange-and-masmovil-enter-into-exclusive-discussions-to-combine-their-operations-in-spain\/?lang=en\">the entry into exclusive negotiations was announced on March 8th<\/a><\/em><em>. The presentation and the answer to the Committee&rsquo;s questions were provided by Mari-No\u00eblle JEGO LAVEISSIERE, Deputy General Manager in charge of Europe, Fabien INGLESE, Julien RAULT and Silvain FOCK-YEE, from the mergers and acquisitions team of Orange, and Jean-Michel POULALION, Vice-President Europe in charge of Human Resources. <\/em><\/p>\n<p>As we know, Orange has been struggling since 2019 in a hypercompetitive Spanish market, with 4 operators (Telefonica, Orange, Vodafone and M\u00e1sM\u00f3vil), and a multitude of regional and\/or low-cost brands.<\/p>\n<p>According to Orange management, the drastic measures taken in 2021 will not be sufficient to restore profitability, while Orange Spain has already experienced two social plans (435 departures in 2016 after the acquisition of Jazztel and nearly 400 in 2021, as part of a rationalization of the portfolio of brands marketed by Orange in Spain). The merger of Orange Spain with another player therefore appears as the only solution to get out of the rut. As <a href=\"2022071512017\/actu-telecoms\/en-fusionnant-avec-masmovil-orange-espagne-mise-sur-les-economies-d-echelle.html\">Jean-Fran\u00e7ois Fallacher, current CEO of Orange Spain, pointed out<\/a>, M\u00e1sM\u00f3vil would be the best choice to ensure the success of the new entity.<\/p>\n<p>On paper, the alliance with M\u00e1sM\u00f3vil has positive aspects, in particular due to the complementarity between the two operators:<\/p>\n<ul>\n<li>M\u00e1sM\u00f3vil does not have a network: it mainly uses those of Orange;<\/li>\n<li>The association of the two operators makes it possible to cover all market segments (Orange mainly on the Premium segment, M\u00e1sM\u00f3vil on the low-cost);<\/li>\n<li>M\u00e1sM\u00f3vil would also have good IT skills which will be useful to the new entity;<\/li>\n<li>Finally, neither of the two players has its own network of stores, only a few that will in principle be retained, as they make it possible to maintain knowledge about customer behavior.<\/li>\n<\/ul>\n<p>According to the Management, this complementarity therefore makes it possible to limit job cuts: only redundant managerial functions would be concerned&#8230; which is however not nothing in the eyes of the staff representatives.<\/p>\n<p>It also raises many questions about the capacity of two companies with such contradictory profiles (an operator with its own network infrastructure \/ an \u00ab\u00a0ultra-light\u00a0\u00bb player, whose telecom assets are essentially licenses and access contracts to the networks of other operators) to approach successfully.<\/p>\n<p>The file presented to the Group Committee also presents many gray areas. Some are linked to confidentiality clauses which govern the preparation of merger operations between two competing companies, which could remain so if the project does not succeed. We also do not know the \u00ab\u00a0remedies\u00a0\u00bb likely to be required by the competition authorities, particularly the European Commission, to validate this merger. They will be pronounced at best in June 2023, several months after the signing by the two players of their irrevocable commitment into the operation, and the unusual configuration of this merger makes any prognosis particularly difficult as to their nature and extent.<\/p>\n<p>The expertise carried out by Peritus following the request of the elected officials also put the finger on a thorny question: the debt of M\u00e1sM\u00f3vil, currently of the order of 6 billion euros, will probably be charged to the new joint venture, under conditions and for a final amount that were not specified to us in the context of this information-consultation. It should be noted that currently, Orange Spain has no debt in its accounts, which is included in the overall debt carried by the Group. M\u00e1sM\u00f3vil is mainly owned by 3 investment funds (Providence, Cinven and KKR), whose main goal is to recover their stake with a capital gain, not necessarily to operate a telco over the long term&#8230; nor to pay cash the difference in value observed between the two players to finalize the merger, which is probably more intended to immediately recover part of the capital involved by the funds. On the contrary, Orange has expressed its intention to remain in Spain, which is reflected in the possibility for the Group to take control in the event of the new group being listed on the stock market. It is therefore Orange that will have to make its activities profitable over the long term. Will this be possible by assuming the burden of the debt resulting from the merger with M\u00e1sM\u00f3vil?<\/p>\n<p>It is undoubtedly useful to recall the previous episodes: the rise of M\u00e1sM\u00f3vil is in particular the result of the commitments imposed on Orange Spain by the European Commission during the acquisition of Jazztel in 2015, which, among other things, enabled M\u00e1sM\u00f3vil to access the Orange mobile network\u2026 under sufficiently advantageous financial conditions to allow him to put a spoke in Orange\u2019s wheel, in particular on the \u201clow-cost\u201d segment. This largely explains why Orange Spain, which for a few years was one of the Group&rsquo;s flagships in Europe, saw its results deteriorate sharply. Seven years later, Orange Spain and M\u00e1sM\u00f3vil are seeking to merge, but it is legitimate to wonder who is actually buying the other, since M\u00e1sM\u00f3vil&rsquo;s debt will be borne by the new entity.<\/p>\n<p><strong>In view of the elements presented in the file and the steps still to be taken before the effective implementation of the operation, it was almost impossible for the members of the European Works Council to have a clear assessment of the economic and social impacts of this project : <\/strong><\/p>\n<ul>\n<li><strong>Will it make it possible to restore a healthy economic situation over time? <\/strong><\/li>\n<li><strong>Will he avoid new social plans such as the subsidiary has already experienced?<\/strong><\/li>\n<li><strong>Is it not ultimately M\u00e1sM\u00f3vil&rsquo;s \u00ab\u00a0low-cost\u00a0\u00bb culture that will prevail in the new entity, with strong pressure on the teams who will have to increase profits to absorb the debt, with a deterioration their working conditions? <\/strong><\/li>\n<\/ul>\n<p><strong>For all of these reasons, the European Works Council issued a negative opinion on this operation. <\/strong><\/p>\n<p><strong>Its members also asked the Management to commit to giving it maximum visibility on the developments occurring between the <\/strong><strong>consultation<\/strong><strong> and the \u00ab\u00a0signing\u00a0\u00bb itself (which should take place by the end of July): <\/strong><\/p>\n<ul>\n<li><strong>Information in the event of minor modifications having little or no impact on the confirmation of the agreements between the owners of Orange and M\u00e1sM\u00f3vil and more generally the project as it was presented to us; <\/strong><\/li>\n<li><strong>Consultation in the event of major modifications likely to impact the terms of the agreement or the economic and social consequences of the project. <\/strong><\/li>\n<\/ul>\n<p><strong>Finally, they claim a right to information on the follow-up of the operation: if due to the form of the merger (50\/50 joint venture), the new entity theoretically escapes the right of inspection conferred on them by the European Union<\/strong> <strong>regulations, they emphasized the need for Orange management to demonstrate transparency and loyalty, the only guarantees of quality social dialogue to which the Group&rsquo;s management also <\/strong><strong>proclaims<\/strong><strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp;[French version here\/English version below] Dans le cadre de la r\u00e9union du Comit\u00e9 de Groupe Europ\u00e9en d&rsquo;Orange des 28,29 et 30 juin 2022 \u00e0 Bruxelles, les repr\u00e9sentants des personnels europ\u00e9ens [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[118],"tags":[],"class_list":["post-19569","post","type-post","status-publish","format-standard","hentry","category-comite-groupe-europe-monde"],"blog_post_layout_featured_media_urls":{"thumbnail":"","full":""},"categories_names":{"118":{"name":"Comit\u00e9 Groupe Europe+Monde","link":"https:\/\/dev.cfecgc-orange.app\/index.php\/category\/comites-groupe\/comite-groupe-europe-monde\/"}},"tags_names":[],"comments_number":"0","wpmagazine_modules_featured_media_urls":{"thumbnail":"","cvmm-medium":"","cvmm-medium-plus":"","cvmm-portrait":"","cvmm-medium-square":"","cvmm-large":"","cvmm-small":"","full":""},"_links":{"self":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts\/19569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/comments?post=19569"}],"version-history":[{"count":0,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts\/19569\/revisions"}],"wp:attachment":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/media?parent=19569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/categories?post=19569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/tags?post=19569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}