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Engie sells its stake in Suez to Veolia

2020-10-05T18:47:49.190Z


INFO LE FIGARO - Meeting Monday evening, the board of directors of Engie voted in favor of the takeover offer by Veolia of 29.9% of its 32% of the Suez group.


Meeting Monday evening, the board of directors of Engie voted in favor of the takeover offer by Veolia of 29.9% of its 32% of the Suez group.

An operation worth 3.4 billion euros, which symbolizes the strategic refocusing of Engie.

Extremely rare in the annals of Engie and the state shareholder: the group, 23% public, took this major decision against the advice of the directors representing the state.


This vote came after more than a month of tensions, since the revelation of its project by Veolia.

While the Minister of the Economy Bruno Le Maire had again called on Sunday to negotiate an agreement between Suez and Veolia, no discussion really took place during the day.

The appointment made at 9:30 am did not take place.

A few hours later, the white knight on which Suez had great hopes, the Ardian investment fund, explained that it would not submit an offer competing with that of Veolia.


The board of directors of Suez, met for the third time in twenty-four hours, reaffirmed its position: for him, the Veolia project is hostile.

Under these conditions, the State, which refused to endorse an operation which would not be friendly, voted against the sale.


The council of Suez also warned that it intended

"to implement all the means at its disposal to avoid a creeping takeover or a de facto control"

.

It is possible that the coming months will give rise to a guerrilla war between Suez and its new 29.9% shareholder.

Unless the new situation leads Suez to discuss, in particular concerning the creation of an entity, promised by Veolia to the Meridiam fund, which would bring together assets in water, in particular in France.

Veolia met on Monday evening its own board to assess its options and consider the next stages of its operation, complicated by the sanctuary by Suez of its water activity in France within a Dutch foundation.

Source: lefigaro

All business articles on 2020-10-05

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