Niel’s new way to buy big stake in Iliad startles market

Xavier Niel, the founder and controlling shareholder of Iliad, the French telecoms company, is using an innovative technique to enlarge his stake, while avoiding the usual requirement to make a public offer to buy the whole company. Some bankers think it could be a clever new option for company owners — others doubt it can be used widely. Sam Kerr and Jon Hay report.