At the end of the day, the share price fell by nearly 15%, as Invest Securities adopted a 'sell' opinion on Atos, with a target price of 0.01 euros (i.e. post-restructuring nominal value) in view of the indications given, following a financial restructuring offer from OnePoint.

"In order to obtain the support of the bondholders, D. Layani, who held 11% of the capital, has totally sacrificed the current shareholders, who will represent less than 0.01% of the capital post-restructuring", points out the analyst.

Invest Securities points out that whatever the winning bid, the dilution will be colossal. Worst of all, the restructuring may not be sufficient, given the operational deterioration," he warns.

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