Econostrum | Economic News in the Mediterranean

Veolia covets 29.9% of Suez’s shares, to begin with...

Written by Frédéric Dubessy on Monday, August 31st 2020 à 17:21 | Read 59 times

Suez could join the Veolia group (photo: DR)
Suez could join the Veolia group (photo: DR)
FRANCE. Veolia (€27.19bn turnover in 2019 and 180,000 employees) submitted, on Sunday 30 August 2020, to Engie (€60.1bn turnover in 2019 and 170,000 employees) "a firm offer to acquire 29.9% of the Suez shares that it holds", the French company said in a press release, specifying that it remains valid until 30 September 2020.

In another text, Engie confirms having received this proposal and indicates that it will "study it in the coming weeks". French water and waste management group Suez (€18bn turnover in 2019 and 90,000 employees), also issued a statement saying that "Veolia's approach has not been requested and has not been discussed with Suez".

Veolia is offering €15.50 per share, paid in cash. If the proposal is accepted, "Veolia intends to make a voluntary public offer to acquire the remaining Suez shares", the text states. At the same time, the company says it has identified the competition issues and has, for example, already reached an agreement with Meridiam, a French company specialising in infrastructure management, to take over the activities of Suez Eau France.

"The ecological emergency is stronger than ever, given the state of natural resources and climate change. The growing pressure of public opinion, the European Green Deal and the recovery plans that are being announced in many countries make ecological ambition a necessity. This project will allow us to complete the solutions we provide to public and private actors in order to give them the means to sustainably reduce their environmental impact. This historic opportunity will allow us to build the great French world champion of ecological transformation, while accelerating the international development and reinforcing the capacity of innovation of the new entity. This project is part of a friendly approach, as we share the same businesses, culture and values with Suez," emphasizes Antoine Frérot, CEO of Veolia.


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