Bouygues · Iliad · Orange → SFR (spezzatino)
Three rivals (Bouygues, Iliad, Orange) carve up SFR for ~€20bn, cutting France's mobile operators from four to three.
"Bloccata / disfatta" (blocked / unwound): veto by the competent authority (Autorité de la concurrence) or formal abandonment by the parties. "Passa, mercato razionale" (clears, rational market): clearance with no binding commitments in the operative part of the ruling. "Passa con rimedi pesanti" (clears with heavy remedies): clearance with binding commitments in the operative part — structural (spectrum, networks, brands, customer books) or behavioural (wholesale access, MVNO hosting, price constraints). Resolution based on official issuer announcements or rulings by the competent authorities (ente/primaria tier sources); the card closes at the first condition met.
The European Commission has formally referred the deal to the French Autorité de la concurrence. The regulatory pathway is now defined: the national watchdog will conduct the review. This is a material procedural development that reduces uncertainty about which authority will decide, without prejudging the outcome; overall confidence rises slightly.