Eutelsat runs to Paris, aims to bring other European states into the capital

(Il Sole 24 Ore Radiocor) - The spotlight is on Eutelsat on the Paris Stock Exchange, following statements by new CEO Jean-Francois Fallacher on the company's performance and the stages of the capital increase, including "preliminary contacts" with other European countries for them to enter the capital, alongside France and Great Britain. The stock of the satellite communications group has been rising since the morning, gaining more than 7%. In an interview with Agefi, Fallacher, who has led the company since 1 June, emphasised that "Eutelsat is in good health" as demonstrated by the turnover of over one billion in the financial year ending 30 June. With regard to the massive EUR 1.5 billion recapitalisation, which will have to be approved by shareholders at the shareholders' meeting to be held on 30 September, the CEO noted that the operation will a priori result in the French State having 29% of the capital, followed by the Indian Bharti (18% of the capital), the British State (11%), the CMA CGM company (7.5%) and FSP (4.8%), with the remaining capital listed on the Paris and London stock exchanges.

"So we have two states in our capital and, in order to be a more European sovereign company, we hope to attract other European states as well.We are in very preliminary negotiations, Fallacher added. Announced in June, the recapitalisation is expected to be completed by the fourth quarter and will help the development of the group, in particular OneWeb, as well as refinance the debt, currently a net EUR 2.6 billion, the CEO pointed out. "We will place a major order with Airbus. We will then have financed the entire strategic plan, which will take us up to 2030,' Fallacher concluded. As is well known, Eutelsat is considered the only European alternative to Elon Musk's Starlink, at least until the EU's Iris 2 constellation comes into operation in 2030.