Paris, April 06, 2016 -- On 1 April 2016, Bouygues S.A. (Baa1 stable) said that it failed to reach an agreement with Orange (Baa1 stable) over the sale of its telecom arm Bouygues Telecom after three months of discussions. Bouygues reported that an agreement could not be reached on all of the points deemed critical to the company including (1) the interests of Bouygues Telecom's staff, (2) the execution risk associated to the transaction, (3) the level of equity stake and governance in Orange, and (4) the valuation of Bouygues Telecom.

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