PARIS, March 14 (Reuters) - A French court rejected Altice ’s appeal against a regulatory decision to block its all-stock offer for the shares in telecoms operator SFR Group , a spokesman for SFR said on Tuesday, confirming an earlier report by daily L‘Agefi.
Billionaire Patrick Drahi’s holding company Altice decided in October to appeal the decision by French markets watchdog AMF to block the buyout.
The unusual red light from the regulator was a blow for Drahi, who is seeking a more streamlined corporate structure ahead of expected consolidation among French and European telecoms companies.
As of Dec. 7, Altice held 84.34 percent of SFR’s shares, according to Reuters data.
A spokeswoman for AMF was not immediately available for comment. The SFR spokesman did not comment beyond confirming L‘Agefi’s report.
Reporting by Mathieu Rosemain; Editing by Adrian Croft