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Bouygues ups cash offer for SFR

French telecoms-to-construction conglomerate Bouygues has upped the cash component of its offer for Vivendi-owned SFR by EUR800 million to EUR11.3 billion, increasing the valuation it places on the company to about EUR15.5 billion.

Rival bidder Patrick Drahi, whose Altice vehicle is the controlling shareholder in cable operator Numericable, has offered EUR10.9 billion in cash for the operator. Drahi has not altered his bid in response to Bouygues’ move.

Vivendi’s board is due to meet tomorrow to consider the rival offers.