French govt gives thumbs up to nationalizing Atos

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2024-11-05 11:30:08

France's Finance Ministry has approved a proposal to nationalize French tech behemoth Atos and has allocated €70 million to explore the deal.

The corporation, which handles key strategic customers such as the French military (including its telephone system) and the nation's large nuclear industry, has been in trouble for over three years now, and has gone through seven CEOs in that time. The government has been considering selling off parts of Atos to fund rebuilding, but has had little success so far.

The approval of the government buyout came in the form of an amendment to a motion originally tabled by Bastien Lachaud, of the Parti de Gauche, or Left Party. He xeeted a screenshot of the approved amendment, along with the exuberant message (translated from French): "Victory! This strategic company for the defense, as well as the daily life of the French, must be protected against the sale in pieces envisaged by the government."

"Atos is in bad shape," the amendment reads. "The company is in debt to the tune of €5 billion. The fault of an all-out purchasing and expansion strategy of the company that ended up weakening it."