Core Points - Major European telecom companies are urging the European Commission to relax merger rules to boost investment in digital infrastructure and enhance competitiveness against US and Asian rivals [1] - The CEOs of Deutsche Telekom, Orange, Telefónica, TIM, Vodafone, Nokia, and Ericsson have expressed their concerns in a joint letter to the Commission President, highlighting the need for bold actions to address scale requirements [1] - The upcoming Digital Networks Act, expected to be proposed in November, aims to promote the development of digital infrastructure in Europe, but has faced internal opposition within the European Commission [1] Group 1 - European telecom companies are advocating for changes in merger regulations to facilitate investment [1] - The Digital Networks Act is seen as a critical opportunity for the industry to enhance competitiveness [1] - Internal opposition within the European Commission poses challenges to the proposed legislation [1]

Core Points - The article discusses the total number of shares and voting rights of Orange, in compliance with French commercial regulations [1] - A double voting right is automatically granted to fully paid-up shares held in registered form for at least two years, effective from April 3, 2016 [1] Summary by Category Share Information - As of January 31, 2025, Orange has a total of 2,660,056,599 shares, with 3,835,000 treasury shares without voting rights, resulting in 3,172,669,760 theoretical voting rights and 3,169,834,760 exercisable voting rights [2] - The number of treasury shares without voting rights has varied monthly, with the lowest recorded at 1,541,848 on April 30, 2025, and the highest at 3,835,000 on January 31, 2025 [2] - By October 31, 2025, the total number of shares remains the same at 2,660,056,599, with 1,506,848 treasury shares without voting rights, leading to 3,180,132,248 theoretical voting rights and 3,178,625,400 exercisable voting rights [2] Voting Rights - The voting rights are calculated based on all shares to which voting rights are attached, including those without voting rights [2] - The number of voting rights exercisable has shown slight fluctuations over the months, with a peak of 3,178,996,038 on June 30, 2025, and a decrease to 3,178,625,400 by October 31, 2025 [2]

Core Viewpoint - French telecoms group Orange has reached a non-binding agreement to acquire the remaining 50% stake in its Spanish unit MasOrange for 4.25 billion euros ($4.96 billion) [1] Group 1 - The acquisition will allow Orange to fully own MasOrange, enhancing its position in the Spanish telecom market [1] - The deal is valued at approximately 4.25 billion euros, which translates to about $4.96 billion [1] - This move reflects Orange's strategy to consolidate its operations and strengthen its market presence in Spain [1]

Group 1 - A €17bn ($20bn) proposal by Bouygues Telecom, Free-iliad Group, and Orange to acquire a significant portion of Altice's activities in France has been rejected, driven by the need for Altice's owner Patrick Drahi to reduce substantial debts [1] - The B2B assets were intended to be primarily taken over by Bouygues Telecom, while B2C activities would be shared among all bidders [2] - The proposal reflects two trends in the European telecoms market: the necessity for consolidation and the strain on investment and margins [3] Group 2 - Historical discussions on telecom mergers in Europe have not led to significant outcomes, with past proposals between major players like France Telecom and Deutsche Telekom failing to materialize [4] - While there is an intellectual argument for cross-border consolidation, cultural, political, and regulatory barriers persist, although some providers like Orange and Vodafone have successfully operated across multiple markets [5] - The 'rule of three' suggests that three competitors can effectively scale and invest in individual markets, ensuring sufficient competition to benefit customers [6] Group 3 - The combination of debt and market forces indicates that Altice/SFR will likely be broken up in the future, with questions remaining about the timing, valuation, and asset distribution [7] - Despite the concept of a single market in Europe, significant barriers to cross-border consolidation remain, with potential technological, cultural, and political implications [8]

Core Insights - Orange reported solid third-quarter results for 2025, leading to an increase in annual EBITDAaL growth guidance to at least 3.5% [6][8][10] Financial Performance - Group revenues for Q3 2025 reached €9,993 million, a 0.8% increase year-on-year, with EBITDAaL growing by 3.7% to €3,437 million [2][40] - eCAPEX (excluding licenses) increased by 8.3% in Q3 2025, totaling €1,466 million, driven by investments in growth areas [2][10] - EBITDAaL after eCAPEX was €1,971 million, reflecting a 0.6% increase [2][41] Regional Performance - Africa & Middle East revenues grew by 12.2% in Q3 2025, driven by strong retail services growth of 13.1% [20][21] - France experienced a revenue decline of 3.7% in Q3 2025, attributed to competitive pricing pressures and trends in wholesale services [16][19] - Europe saw a revenue increase of 4.7%, supported by a strong performance in retail services and IT & Integration Services [24][25] Customer Growth - The total customer base surpassed 300 million globally, with 8.2 million new customers added in Q3 2025 [3][8] - Mobile Financial Services, particularly Orange Money, reported 44 million active users, contributing to value creation [5][28] Strategic Initiatives - Orange announced a non-binding joint offer with Bouygues Telecom and Free-Groupe iliad to acquire a significant portion of Altice's activities in France, aimed at enhancing network resilience and cybersecurity investments [4][5] - The company is focused on operational efficiency and cost control, which have positively impacted EBITDAaL growth and margins [6][10] Future Outlook - The company aims to maintain double-digit EBITDAaL growth in the Africa & Middle East segment for 2025 [23] - Orange plans to present the evolution of its "Lead the Future" strategy at the Capital Markets Day scheduled for February 19, 2026 [7]

Core Insights - BP plc has made a significant hydrocarbon discovery in the Orange Basin offshore Namibia, confirmed through the Volans-1X exploratory well [1][7] - The well encountered 26 meters of net pay with rich gas condensate and demonstrated excellent reservoir properties, indicating high commercial potential [2][7] Discovery Details - The Volans-1X well was drilled to a total true vertical depth subsea of 4,497.5 meters, reaching the Upper Cretaceous geological formation [2] - The well showed a high condensate-to-gas ratio exceeding 140 barrels per million standard cubic feet (bbl/mmscf), indicating a liquid-rich gas composition [2] Partnership and Operations - Rhino Resources operates the PEL85 with a 42.5% working interest, alongside partners Azule Energy (42.5% WI), NAMCOR (10% stake), and Korres Investments (5% stake) [3][7] - Azule Energy is a joint venture between BP and Eni, which has previously made significant discoveries in Africa [3] Regional Context - The Orange Basin is emerging as a hotspot for global energy majors, with several major oil companies making discoveries in the region [4] - Namibia aims to replicate the success of Guyana, which has seen a significant oil boom, although it faces challenges due to underdeveloped infrastructure [4]

Core Points - Mercury Insurance and the Anaheim Ducks have launched the Hall of Heroes, a community recognition program aimed at honoring individuals who contribute positively to Orange County [2][3] - The program will induct remarkable individuals monthly, providing them with a VIP Ducks experience, in-game recognition, a personalized memento, and a digital showcase [3][4] - Nominations for the Hall of Heroes can be submitted by fans, encouraging community engagement and inspiration [4] Company Overview - Mercury Insurance is a multi-line insurance carrier offering personal auto, homeowners, renters, and commercial insurance across several states, including California and Texas [7] - The company has been operational since 1962, focusing on providing competitive rates and excellent customer service, supported by over 4,200 employees and a network of more than 6,340 independent agents [8] - Mercury Insurance has received an "A" rating from A.M. Best and accolades as a top auto insurance provider from Forbes and Insure.com [8] Anaheim Ducks Overview - The Anaheim Ducks, established in 1992, have a history of strong attendance, playing to over 90% capacity at their home venue, Honda Center [9] - The franchise won its first Stanley Cup in 2007, becoming the first California team to achieve this milestone [9] - The Ducks have reached the Conference Finals five times and the Stanley Cup Final twice, showcasing a competitive history in the NHL [9]

Core Insights - Orange has acknowledged the decision of Group Altice to reject the joint non-binding offer made by Bouygues Telecom, Orange, and Free-Group Iliad [1] Company Overview - Orange is a leading global telecommunications operator with revenues of €40.3 billion in 2024 and a workforce of 124,600 employees worldwide as of June 30, 2025, including 68,700 employees in France [2] - The company serves a total customer base of 300 million globally as of June 30, 2025, comprising 262 million mobile customers and 22 million fixed broadband customers, reflecting the deconsolidation of certain activities in Spain due to the creation of MASORANGE [2] - Orange operates in 26 countries, including non-consolidated regions, and is a prominent provider of global IT and telecommunications services to multinational companies under the Orange Business brand [2] - In February 2023, Orange introduced its strategic plan "Lead the Future," which focuses on a new business model emphasizing responsibility and efficiency, leveraging network excellence to enhance service quality [2]

Core Points - An explosion occurred at Orange's technical site in Paris, injuring three workers, with two in critical condition and one less seriously injured [1][2] - The incident disrupted communication services for approximately 80,000 users, prompting Orange teams to work on restoring services [1][2] Incident Details - The explosion took place around 10 a.m. on October 9 in the basement of a building on Avenue de Saxe [1] - The fire resulting from the explosion was contained by the fire brigade [2] Impact on Services - Communication services were disrupted for around 80,000 users due to the incident [1][2] - Orange is actively working to restore phone and internet services affected by the explosion [2]

Core Insights - New Jersey American Water has completed the acquisition of South Orange Village's water system for $19.7 million, adding approximately 5,000 new customer connections [1][2] - The acquisition was approved by 62% of South Orange voters in a referendum held in November 2024, highlighting community support for the sale [2] - The company plans to invest $50 million in infrastructure improvements over the first 10 years of ownership, focusing on modernizing the system and enhancing service reliability [3][5] Company Strategy - The acquisition aligns with New Jersey American Water's commitment to providing safe, clean, reliable, and affordable water services, as well as improving operational efficiency [2][5] - The company aims to replace lead and galvanized service lines, upgrade aging water mains and fire hydrants, and rehabilitate key infrastructure components [3][4] - New Jersey American Water has a proven track record of infrastructure investment, having completed eight acquisitions in the last five years, which added over 26,000 new water and/or wastewater customers [5] Community Engagement - Residents of South Orange Village will receive information about the transition and can access customer service benefits, including an online account management portal [4] - The partnership is expected to deliver long-term benefits and peace of mind for the community, as emphasized by local officials [4]