Consolidation afoot for French telecom providers as SFR owner Altice bids for Bouygues

The ambitious owner of France's phone and internet provider SFR is making an offer to buy rival Bouygues Telecom.

European telecommunications company Altice announced Monday that it has made an offer through its subsidiary Numericable-SFR for Bouygues.

Bouygues is holding a board meeting Tuesday and would not immediately comment on the bid.

Altice bought SFR from Vivendi last year in a deal for more than $20 billion, and recently entered the U.S. market with a $9.1 billion stake in Missouri-based Suddenlink Communications. Altice has operations in France, Belgium, Portugal, Switzerland, Israel and elsewhere.