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Bouygues is the kind of diversified conglomerate that's supposed to be out of fashion these days, in businesses from tv and mobile phones to construction and real estate. But Martin Bouygues ("bweeg") has a history of bucking the conventional wisdom--and being right. His company, which among other things is France's No.3 mobile-phone operator, stayed on the sidelines in 2001 while its rivals shelled out billions for third-generation licenses. But hoped-for 3G revenues didn't materialize, and license holders were left with mountains of debt. Bouygues eventually sought a license, but not until after French regulators slashed the asking price by 75%.
