{"id":994,"date":"2020-09-07T12:30:16","date_gmt":"2020-09-07T10:30:16","guid":{"rendered":"http:\/\/worldline.syndicatcgt.fr\/?p=994"},"modified":"2020-09-07T12:30:16","modified_gmt":"2020-09-07T10:30:16","slug":"opa-ingenico-2","status":"publish","type":"post","link":"https:\/\/cgtmagellan.fr\/index.php\/2020\/09\/07\/opa-ingenico-2\/","title":{"rendered":"OPA INGENICO"},"content":{"rendered":"<p><strong>Une op\u00e9ration co\u00fbteuse de 8.4Mds \u20ac pour le rachat des actions et des OCEANEs Ingenico.<\/strong><\/p>\n<p><strong>L\u2019Int\u00e9gration devrait commencer en octobre en fonction de la date de r\u00e9ponse de la commission europ\u00e9enne<\/strong><\/p>\n<p><strong>MTS, activit\u00e9 \u00ab adjacente \u00bb (dixit la direction) importante en France, ne repr\u00e9sente plus que 7% du groupe combin\u00e9<\/strong><\/p>\n<p><strong>Cet op\u00e9ration purement financi\u00e8re est possible par l\u2019\u00e9mission de nouvelles actions Worldline dont la valeur du cours ne cesse de progresser depuis 2015. (maximisation du cours de l&rsquo;action)<\/strong><\/p>\n<p><strong>L\u2019OPA est bas\u00e9e sur 2.3 Md\u20ac de synergies annonc\u00e9es et par une course aux \u00e9conomies d\u2019\u00e9chelle et \u00e0 la baisse des couts fixes.<\/strong><\/p>\n<p><strong>Une op\u00e9ration tr\u00e8s lucrative pour les actionnaires, mais sans avantage pour les salari\u00e9s, au contraire: une nouvelle organisation op\u00e9rationnelle \u00e0 4 BUs et les synergies pr\u00e9vues (220 millions d\u2019\u00e9conomie par an \u00e0 partir de 2024) laisse pr\u00e9sager des impacts sociaux importants.<\/strong><\/p>\n<p><b>\u00a0<\/b><\/p>\n<p><!--more--><\/p>\n<p><b>LE CALENDRIER EN DIRECT DE LA BOURSE<\/b><\/p>\n<p><a href=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-995 alignleft\" src=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico1.png\" alt=\"\" width=\"317\" height=\"313\" srcset=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico1.png 899w, https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico1-300x296.png 300w, https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico1-768x758.png 768w\" sizes=\"auto, (max-width: 317px) 100vw, 317px\" \/><\/a><b><\/b><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><b>Une offre de <\/b><b>8.4Mds \u20ac<\/b><b> pour le rachat des actions et des OCEANEs Ingenico<\/b><\/p>\n<p><a href=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/ingenico2.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-996 alignleft\" src=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/ingenico2.gif\" alt=\"\" width=\"371\" height=\"229\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Worldline + Ingenico : un champion du paiement mondial : une bonne nouvelle pour les actionnaires<br \/>\n<\/strong><\/p>\n<p><a href=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico3.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-997 alignleft\" src=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico3-1024x387.png\" alt=\"\" width=\"643\" height=\"243\" srcset=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico3-1024x387.png 1024w, https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico3-300x113.png 300w, https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico3-768x290.png 768w, https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico3.png 1063w\" sizes=\"auto, (max-width: 643px) 100vw, 643px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico4.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-998 alignleft\" src=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico4.png\" alt=\"\" width=\"1019\" height=\"458\" srcset=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico4.png 1019w, https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico4-300x135.png 300w, https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico4-768x345.png 768w\" sizes=\"auto, (max-width: 1019px) 100vw, 1019px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><b>INGENICO en quelques lignes<\/b><\/p>\n<ul>\n<li>Leader mondial des terminaux du paiement<\/li>\n<li>Ingenico s\u2019est endett\u00e9 ces derni\u00e8res ann\u00e9es en croissance externe pour diversifier son activit\u00e9 vers les transactions (Ogone en 2013, GlobalCollect 2014 ,Bambora en 2017 et une join Venture PayOne en 2019)<\/li>\n<li>Cet endettement essentiellement en CASH a fortement r\u00e9duit ses marges de man\u0153uvres financi\u00e8res<\/li>\n<li>35% du r\u00e9sultat net remont\u00e9 en dividende chaque ann\u00e9e<\/li>\n<\/ul>\n<p><strong>2 BUs : Retail et B&amp;A<br \/>\n<\/strong><\/p>\n<p><a href=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico5.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-999 alignleft\" src=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico5.png\" alt=\"\" width=\"947\" height=\"209\" srcset=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico5.png 947w, https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico5-300x66.png 300w, https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico5-768x169.png 768w\" sizes=\"auto, (max-width: 947px) 100vw, 947px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<table width=\"684\">\n<tbody>\n<tr>\n<td width=\"361\">\n<p style=\"text-align: center\"><span style=\"color: #ff0000\"><strong>RETAIL<\/strong><\/span><\/p>\n<\/td>\n<td width=\"323\">\n<p style=\"text-align: center\"><span style=\"color: #ff0000\"><b>B&amp;A (Bank &amp; Acquierers)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"361\">solutions compl\u00e8tes de paiement omnicanal \u00e0 destination des marchands<\/td>\n<td width=\"323\">propose aux banques et acqu\u00e9reurs une gamme de services b\u00e2tis autour des terminaux<\/td>\n<\/tr>\n<tr>\n<td width=\"361\">les transactions repr\u00e9senteraient 85 \u00e0 90% du chiffre d\u2019affaires de la BU<\/td>\n<td width=\"323\">Un chiffre d\u2019affaire li\u00e9 essentiellement aux terminaux<\/td>\n<\/tr>\n<tr>\n<td width=\"361\">Activit\u00e9 avec un potentiel de croissance \u00e9lev\u00e9e<\/td>\n<td width=\"323\">Activit\u00e9 avec une croissance moindre sur un march\u00e9 volatile<\/td>\n<\/tr>\n<tr>\n<td width=\"361\">Activit\u00e9 innovante qui n\u00e9cessite d\u2019investir (R&amp;D,..)<\/td>\n<td width=\"323\">Activit\u00e9 avec une bonne marge (EBITDA) et qui g\u00e9n\u00e8re donc du cash<\/td>\n<\/tr>\n<tr>\n<td width=\"361\"><\/td>\n<td width=\"323\">Activit\u00e9 terminal soumise \u00e0 une concurrence avec des acteurs innovants et des produits low cost chinois<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong>Les sites INGENICO en France :<\/strong><\/p>\n<table style=\"height: 479px\" width=\"1020\">\n<tbody>\n<tr>\n<td width=\"159\"><b>Ville <\/b><\/td>\n<td width=\"158\"><b>Nombre de salari\u00e9s<\/b><\/td>\n<td width=\"151\"><b>Type de fonction<\/b><\/td>\n<td width=\"271\"><b>Remarques<\/b><\/td>\n<\/tr>\n<tr>\n<td width=\"159\"><strong><span style=\"color: #ff0000\">Paris<\/span><\/strong><\/td>\n<td width=\"158\">564<\/td>\n<td width=\"151\">Fonction support, corporate, commerciale France<\/td>\n<td width=\"271\"><b>Le bail des bureaux se termine fin 2021<\/b><\/p>\n<p>84% des effectifs Retail<\/p>\n<p>77% des fonctions support<\/td>\n<\/tr>\n<tr>\n<td width=\"159\"><strong><span style=\"color: #ff0000\">Suresne<\/span><\/strong><\/td>\n<td width=\"158\">99<\/td>\n<td width=\"151\">DSI, corporate IT<\/td>\n<td width=\"271\"><\/td>\n<\/tr>\n<tr>\n<td width=\"159\"><span style=\"color: #ff0000\"><strong>Valence<\/strong><\/span><\/td>\n<td width=\"158\">253<\/td>\n<td width=\"151\">R&amp;D des terminaux<\/td>\n<td width=\"271\">\u00a057% des effectifs B&amp;A en France<\/td>\n<\/tr>\n<tr>\n<td width=\"159\"><span style=\"color: #ff0000\"><strong>Colombelles<\/strong><\/span><\/td>\n<td width=\"158\">23<\/td>\n<td width=\"151\">\u00a0Retail<\/td>\n<td width=\"271\"><\/td>\n<\/tr>\n<tr>\n<td width=\"159\"><span style=\"color: #ff0000\"><strong>Sophia<\/strong><\/span><\/td>\n<td width=\"158\">6<\/td>\n<td width=\"151\">\u00a0R&amp;D Labs<\/td>\n<td width=\"271\"><\/td>\n<\/tr>\n<tr>\n<td width=\"159\"><span style=\"color: #ff0000\"><strong>Merignac<\/strong><\/span><\/td>\n<td width=\"158\">5<\/td>\n<td width=\"151\"><\/td>\n<td width=\"271\"><\/td>\n<\/tr>\n<tr>\n<td width=\"159\"><span style=\"color: #ff0000\"><strong>Aix en Provence<br \/>\n<\/strong><\/span><\/td>\n<td width=\"158\">1<\/td>\n<td width=\"151\">\u00a0Finance<\/td>\n<td width=\"271\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><b>MTS ne repr\u00e9sente plus que 7% du groupe combin\u00e9 . Quel avenir pour MTS chez Worldline ?<\/b><\/p>\n<p><a href=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico6.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1002 alignleft\" src=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico6.png\" alt=\"\" width=\"558\" height=\"253\" srcset=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico6.png 943w, https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico6-300x136.png 300w, https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Ingenico6-768x348.png 768w\" sizes=\"auto, (max-width: 558px) 100vw, 558px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><b>Une nouvelle organisation op\u00e9rationnelle \u00e0 4 BUs<br \/>\n<\/b><\/p>\n<table style=\"height: 441px\" width=\"1139\">\n<tbody>\n<tr>\n<td width=\"252\">\n<p style=\"text-align: center\"><b>Worldline<\/b><\/p>\n<\/td>\n<td width=\"251\">\n<p style=\"text-align: center\"><b>Ingenico<\/b><\/p>\n<\/td>\n<td width=\"251\">\n<p style=\"text-align: center\"><b>Worldline + Ingenico<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"252\">MTS<\/td>\n<td width=\"251\"><\/td>\n<td width=\"251\"><strong>MTS<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"252\">FPS<\/td>\n<td width=\"251\"><\/td>\n<td width=\"251\"><strong>FPS<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"252\">Terminaux (POS) (Marginal chez WL 4% du CA)<\/td>\n<td width=\"251\">B&amp;A<\/td>\n<td width=\"251\"><strong>POS &amp; RELATED <\/strong><strong>SERVICES GBL<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"252\">MS GBL<\/td>\n<td width=\"251\">Retail<\/td>\n<td width=\"251\"><strong>MERCHANT SERVICES GBL<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"252\">PS<\/td>\n<td width=\"251\">TECHNOLOGIE<\/p>\n<p>&nbsp;<\/td>\n<td width=\"251\"><strong>TECHNOLOGY SERVICES<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"252\">FONCTIONS SUPPORT<\/td>\n<td width=\"251\">FONCTIONS SUPPORT<\/td>\n<td width=\"251\"><strong>GLOBAL FUNCTIONS AND TRANSVERSAL TEAMS<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><b>et des synergies<\/b><\/p>\n<p><a href=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Synergie.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1013 alignleft\" src=\"https:\/\/cgtmagellan.fr\/wp-content\/uploads\/2020\/09\/Synergie.gif\" alt=\"\" width=\"906\" height=\"367\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><b>Qui auront potentiellement des impacts sociaux au fil de l&rsquo;int\u00e9gration<br \/>\n<\/b><\/p>\n<ul>\n<li>Des activit\u00e9s pourraient \u00eatre en concurrence sur certaines zones g\u00e9ographiques<\/li>\n<li>Doublons dus \u00e0 la fusions des fonctions corporate et support<\/li>\n<li>La future MERCHANT SERVICES GBL fera l\u2019objet des plus fortes synergies sur les produits et plateformes similaires<\/li>\n<li>Des \u00ab\u00a0synergies\u00a0\u00bb sur l\u2019immobiliers entraineront le d\u00e9m\u00e9nagement probable des sites d\u2019Ingenico Paris et de Bezons<\/li>\n<li>Au niveau R&amp;D, un risque sur des programmes similaires ou sur la volont\u00e9 du nouvel actionnaire \u00e0 investir sur le long terme<\/li>\n<li>POS &amp; RELATED SERVICES GBL pourrait , comme le ch\u00e8que, devenir une activit\u00e9 non \u00ab strat\u00e9gique \u00bb \u00e0 l\u2019avenir pour Worldline.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>Une op\u00e9ration co\u00fbteuse de 8.4Mds \u20ac pour le rachat des actions et des OCEANEs Ingenico. L\u2019Int\u00e9gration devrait commencer en octobre en fonction de la date <a class=\"mh-excerpt-more\" href=\"https:\/\/cgtmagellan.fr\/index.php\/2020\/09\/07\/opa-ingenico-2\/\" title=\"OPA INGENICO\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":880,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,4],"tags":[142,182],"class_list":["post-994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actus","category-actus-generales","tag-ingenico","tag-opa"],"_links":{"self":[{"href":"https:\/\/cgtmagellan.fr\/index.php\/wp-json\/wp\/v2\/posts\/994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cgtmagellan.fr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cgtmagellan.fr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cgtmagellan.fr\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cgtmagellan.fr\/index.php\/wp-json\/wp\/v2\/comments?post=994"}],"version-history":[{"count":0,"href":"https:\/\/cgtmagellan.fr\/index.php\/wp-json\/wp\/v2\/posts\/994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cgtmagellan.fr\/index.php\/wp-json\/wp\/v2\/media\/880"}],"wp:attachment":[{"href":"https:\/\/cgtmagellan.fr\/index.php\/wp-json\/wp\/v2\/media?parent=994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cgtmagellan.fr\/index.php\/wp-json\/wp\/v2\/categories?post=994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cgtmagellan.fr\/index.php\/wp-json\/wp\/v2\/tags?post=994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}