Morgan Stanley: Delay in European telecommunications industry consolidation causing concern among investors.

Morgan Stanley analysts wrote in a report that the delay in consolidation in the European telecom industry could exacerbate investors' anxiety. They stated, "The M&A narrative in the telecom industry is progressing slowly - four out of the five largest countries in Europe still have four telecom operators in the market." They added that, meanwhile, French telecom operators Bouygues, Orange, and Free-Iliad Group jointly submitted a non-binding acquisition proposal for Altice's SFR more than five months ago. The prolonged merger timeline reflects the challenges in reaching agreement on valuation and transaction terms, and telecom companies may also be waiting for updates on the upcoming European merger rules. Orange's stock price fell by 0.3%, while Bouygues' stock price rose by 5.1%.