Struggling firm selects Layani39;s bid over Kretinsky39;s
Investor wants to keep Atos Frenchcontrolled, safeguard jobs
Decision likely ends Kretinsky39;s attempts to acquire the firm
Atos shares down more than 80 so far in 2024

PARIS, June 11 Reuters French tech group Atos has picked an offer to restructure its debt led by anchor investor David Layani, preferring it to a rival proposal from Czech billionaire Daniel Kretinsky, the company said on Tuesday.

The lastminute restructuring decision, reached a week later than initially planned, will be implemented by July. It marks the end of a monthslong battle for control of the company by Layani and his firm Onepoint, Atos39; biggest shareholder with 11.

Atos said Layani39;s offer was supported by a large number of the company39;s financial creditors, providing greater confidence that a definitive financial restructuring agreement can be reached.

Layani39;s pitch, which will massively dilute existing shareholders, centres on keeping Atos under French control and preserving jobs and assets despite the urgent need to restructure the group39;s 4.8 billioneuro debt.

Together with partner investment company Butler Industries and Econocom, Layani is offering 250 million euros 269.2 million of new equity and 1.5 billion euros of new debt, including 300 million in bank guarantees. They also intend to convert 2.9 billion euros worth of debt into equity.

A solution has emerged, which aligns with the interest of the…