bouygues

On the face of it, Bouygues SA's decision to share the risk with the brothers was an odd one.

In particular, investors appeared to fear that KPN would bid for Bouygues, a big French mobile operator that could be coming up for grabs.

Again, the effect of this arrangement was to put Bouygues SA's investors at a disadvantage.

But the splitting of Bouygues SA's interest into a direct stake and an indirect stake deprived its investors of control of SAUR.

Bouygues SA's management reported that the company had acquired a majority stake in SAUR.

mr bouygues diversified into mobile telecoms and the arm that he started , bouygues telecom , is now france ' s third - largest operator.

The business was a natural extension of the Bouygues group's existing house building activity.

MAKE no mistake: virtually anybody who has invested in Bouygues SA over the past quarter of a century is better off for having done so.

Martin Bouygues was appointed to the bank's board.

But that lack of a large holding in the group left Bouygues SA vulnerable to a hostile bid.

All along the question remains who gained from each transaction, the shareholders of Bouygues SA or the brothers?

Lawyers for the Bouygues family say that at all times the family and the board of BouyguesSAhave acted correctly.

But, as with the prefab -housing business, this was not strictly true: Bouygues SA bought only 45%.

France's Bouygues Telecom will also sell the new Android phone as the 'Blade, ' the ZTE spokeswoman said.

Separately, Alstom agreed to create a joint venture with Bouygues SA to develop and provide energy-management services.

This meant it treated Maison Bouygues as a subsidiary for accounting purposes.

Mr Bouygues's position at the head of the listed company is secure.

Lawyers for the Bouygues say everything was done in accordance with the rules.

As SCDM was then Maison Bouygues's majority shareholder with 52%, Bouygues SA could no longer claim de facto control.

They add that Bouygues SA profited and still profits from the association.

Bouygues, a construction and telecoms group, controls TF1, a television channel.

Hence the consolidated balance sheet for 1988 shows Cofipex's stake in Bouygues SA as shares that the group held in itself.

In May 1989 they transferred their individual shareholdings in Maison Bouygues to SCDM, a new holding company.

In 1988 it channelled borrowed money into Cofipex, a subsidiary, which then bought shares in Bouygues SA.

Bouygues SA's accounts for 1988 make no mention of the involvement of SCDM or the brothers in this "transaction" .

Lawyers for the Bouygues say that the Bouygues group's sales in Spain increased from FFr560m in 1989 to FFr1. 7 billion in 1991.

So why did Bouygues SA not have a direct stake of 69. 5% in SAUR?