The French telecom billionaire Xavier Niel proposed a partnership with the Belgian state regarding Proximus earlier this year, but the federal government rejected his offer, reports De Tijd and L’Echo.
At the end of 2023, Niel unexpectedly became the second-largest shareholder of Proximus, a publicly-listed telecom company, with a stake initially at 6.01% and later increasing to at least 6.61%.
Niel’s intentions for Proximus have remained unclear. Early this year, he proposed a plan to the Belgian government, which controls Proximus with a 53.5% stake, that could have given him significant influence over the telecom group.
Discussions reportedly took place with the federal investment fund SFPIM, which holds the state’s shares in Proximus, during the formation of the new federal government. Shortly after the ministers were sworn in, Niel presented his proposals for Proximus to the government.
Documents reviewed by the newspapers indicate that under Niel’s plan, SFPIM would have kept a majority stake with at least 50% plus one share.
The government decided not to proceed. Officials cited the company’s low share price as an unsuitable moment for any stock sale. There was also little political appetite to allow another Belgian firm to partly come under French control.
