JCDecaux open to bidding for U.S. peers but nothing planned: CEO
Reuters
Published Mar 24, 2018 10:45AM ET
JCDecaux open to bidding for U.S. peers but nothing planned: CEO
PARIS (Reuters) - French outdoor advertising company JCDecaux (PA:JCDX) could consider bidding to take over U.S. competitors Clear Channel (N:CCO) or Outfront Media (N:OUT) but nothing is planned in the short term, its chief executive said on Saturday.
A possible bid by the French group for one of its smaller U.S. rivals has been discussed for over a year although it had said there was not yet a reasonable price.
Asked about potential acquisition projects for Clear Channel and Outfront Media, JCDecaux CEO Jean-Charles Decaux told finance weekly Les Echos-Investir: "Both could make sense but nothing is planned in the short term."
"We have risen to the highest rank in all geographical areas except the United States, the world's largest advertising market, where we are number four. If we had to do a structurally important deal, it would probably be in the United States, which has the potential to become our top geographical area," he said.
To fund a merger or acquisition the Decaux family, which owns 64 percent of the group, could take part in a capital increase but would keep a majority share.
"We will be very picky, very vigilant, about the financial conditions. This must make sense operationally and strategically, but also from a financial point of view."
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Written By: Reuters
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