Econostrum | Economic News in the Mediterranean



Veolia ready to launch a takeover bid for Suez, which is refusing to take a stake in its capital

Veolia will only take over the waste treatment part of Suez  (photo : Suez)
Veolia will only take over the waste treatment part of Suez (photo : Suez)
FRANCE. The serial continues, each day providing its information, in Veolia's planned purchase of 29.9% of the 32% of Suez shares held by Engie. This operation was announced as a prelude to the takeover of the entire share capital of Suez by its competitor Veolia.

By stating on BFM Business on Wednesday, September 2, 2020, that he would not rule out a takeover bid for Suez if the offer made to Engie did not succeed, Antoine Frérot, CEO of Veolia, has put a new stone in the shoe of Suez's management, which is firmly opposed to his arrival in its capital.

However, in this financial and stock market battle between France's leading waste and water treatment companies (this activity would be sold to the Meridiam fund), the CEO of Veolia intends to play a calming role first. He reiterated the invitation to Bertrand Camus, CEO of Suez, to discuss together the project to merge the two groups, which he described as "inclusive and friendly. And to add, still on BFM Business, that there was "a place for everyone in this project, for all the employees, all the managers and the top management of Suez".

While Engie wants Veolia to revise its proposal to buy back the 29.9% stake in Suez (€15.50 per share), the latter is now looking for a white knight to escape the clutches of Veolia. According to Antoine Frérot, who is not worried by this prospect, "everyone will be able to compare the benefits for all the stakeholders in Veolia's project with a potential other project".

By absorbing Suez, Veolia wants to "build the super world champion" of ecological transformation.

Version française

Frédéric Dubessy

Wednesday, September 2nd 2020

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