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Atos announced a proposed cash takeover of French technology company Bull on May 26, 2014, aiming to expand in cloud computing, big data and cybersecurity. The offer succeeded that August: Atos first reported it would hold 84.25% of Bull, then reported a 95.6% stake and began consolidating Bull’s results from September 1, 2014. That ownership did not last indefinitely: Bull announced that the French State completed its acquisition of 100% of Bull from Atos on March 31, 2026.
What Atos offered for Bull
Atos proposed a public cash offer for Bull shares and outstanding convertible instruments. Its draft offer filing set a price of €4.90 per Bull share and €5.55 per OCEANE, a convertible bond. Atos put Bull’s fully diluted equity value at approximately €620 million. Atos’s June 2014 draft offer announcement
The offer required tenders representing at least 50% plus one share to succeed. Crescendo Industries and Pothar Investments, together holding 24.2% of Bull’s capital, committed to tender their shares. Orange and BPI also expressed support and said they intended to tender, bringing the stated total to 35.5%. These commitments and intentions were not the final tender result. Atos’s June 2014 draft offer announcement
Why Atos wanted Bull
Atos said the acquisition would strengthen its capabilities in cloud, big data and cybersecurity, and reinforce its position in high-performance computing (HPC). The rationale was to combine Atos’s activities with Bull’s complementary technology business; these were Atos’s stated strategic aims, not a guarantee of particular results.
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In its May 2014 announcement, Atos described Bull as operating in more than 50 countries and reported Bull’s 2013 revenue as €1,262 million. Those are figures reported by Atos at the time. The same announcement called Bull “the European leader in the high performance computing market.” Atos’s May 26, 2014 announcement
How the 2014 offer turned into control
The offer succeeded in August
On August 11, 2014, Atos announced that its tender offer had succeeded. Following settlement, it expected to hold 84.25% of Bull’s share capital and voting rights. Atos and Bull’s tender-offer result announcement
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Atos increased its stake and consolidated Bull
Atos’s third-quarter 2014 report later put its holding at 95.6%, a level that permitted tax consolidation. Atos said it consolidated Bull’s operations from September 1, 2014, and reported 14 integration workstreams covering areas including solutions, human resources, facilities and purchasing. Atos’s third-quarter 2014 release
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Who owns Bull now?
The 2014 deal explains how Atos took control of Bull, not Bull’s ownership today. On March 31, 2026, Bull announced that the French State had completed its acquisition of 100% of Bull from Atos. Atos separately reported an enterprise value of up to €404 million, including €104 million in contingent earn-outs. This 2026 sale is a separate transaction from Atos’s 2014 purchase. Bull’s March 31, 2026 completion announcement; Atos’s March 31, 2026 sale announcement
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