French telecom firm SFR on Wednesday rejected a buyout bid by three rivals, as the government and labour unions warned the deal could harm consumers and employees.

The crown jewel in billionaire Patrick Drahi's empire stretching from Israel to Britain and the United States, the action around SFR parent company Altice France is under close scrutiny in a sector where big players are pushing for larger scale across the European Union.

SFR "immediately rejected" a 17 billion euro ($19.7 billion) takeover bid from its three main competitors Bouygues Telecom, Iliad and Orange, Altice France boss Arthur Dreyfuss said.

Bouygues Telecom and Orange both said they had "taken note of the decision".

Roland Lescure, finance minister in the shaky minority government recently named by President Emmanu

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