"In a hostile manner and under unprecedented and irregular conditions."
The press release published by Suez the day after the decision of Engie's board of directors to sell 29.9% of Suez to Veolia is clear: the former Lyonnaise des Eaux remains hostile to the project of her lifelong rival.
"It is anger which dominates today"
, notes, annoyed, Guillaume Thivolle, director representing employee shareholders on the board of directors of Suez.
To read also:
Antoine Frérot (Veolia): "We can reach an agreement with Suez"
Philippe Varin, the president of Suez, even sent a letter to Bruno Le Maire, the Minister of the Economy, pointing to several anomalies committed by Engie, according to him.
Jean-Pierre Clamadieu, the president of Engie, would have mentioned the “unfriendly” nature of the offer made by Ardian and supported by the Suez board.
"This raises the question of the loyalty of our reference shareholder in this process. Suez therefore reserves the right to take legal action against it"
, threatens Philippe Varin.
Bad behavior from which Engie defends himself.
In an interview with
Le Monde
, Jean-Pierre Clamadieu disputes
“having wanted to challenge the State”
, which voted against this sale, and claims to have sought
“to create the conditions for a dialogue”
.
Regarding Ardian, Engie demanded a binding offer with a fixed price, in order to be able to examine it.
This seems to have led the investment fund not to present it to the seller's advice.
Renew the dialogue
At Veolia, we insist on the importance of renewing the dialogue.
"It is necessary that the dust settles, that the emotion settles down and that the reason returns"
, explains to
Figaro
Antoine Frérot, CEO of the group, who affirms:
"within two to three months, we can reach an agreement"
.
The government's vision is near.
"An amicable agreement was possible
," said Bruno Le Maire, on Franceinfo Tuesday morning.
We were inches away from a deal.
We have come up against the intransigence of some and the haste of others ”
, pointing to both Suez, for intransigence, and Veolia, for haste.
In the National Assembly, Prime Minister Jean Castex expressed his desire that
“these discussions continue”
.
Read also:
Suez-Veolia: behind the battle, twenty years of twisted blows
This optimism is far from being shared by everyone at Suez.
“We would like to convince Antoine Frérot that his project does not make economic sense,”
says Guillaume Thivolle.
Suez indicates its intention to
"implement all the means at its disposal"
to avoid
"a creeping takeover or de facto control"
of Veolia.
Some, at the former Lyonnaise des Eaux, however, believe that the game must be calmed down. The priority is to turn to the employees of the group, troubled by the events of recent weeks.
"We have to bring down the pressure,"
says a source close to Suez.
The urgency is not to be discussed. "
We have to bring down the pressure.
The urgency is not to be discussed.
A source close to Suez
Suez seeks to avoid the influence of Veolia as much as possible.
Antoine Frérot's group will not have a representative on the board of directors.
And, even at a general meeting, he should only be able to participate in votes on subjects where his patrimonial interests are at stake.
"A control block does not give control of a company"
, warns a person close to Suez.
This desire for independence risks upsetting Veolia.
Monday evening, the new main shareholder of Suez warned that he
"reserves the right not to file a public offer in the event of a sale by Suez of any strategic asset"
.
Veolia's objective is to launch this public offer at 18 euros, the price offered to Engie.
He attaches a number of conditions to it, which could complicate the task of the leaders of Suez.
Read also:
Suez-Veolia-Engie: the State shareholder condemned to be wrong
Their desire to continue implementing their strategic plan will not prevent discussions with Veolia from being held.
"There is strong pressure for us to discuss," one
concedes on the Suez side.
But not immediately.
The subjects of job guarantees, with a transformation of Veolia's promises into legal guarantees, of the terms of the public offer or of asset disposals, are possible.
Negotiations on the dismantling of Suez are more difficult to envisage.
Even if Veolia has made efforts on the perimeter of assets that its partner Meridiam can recover.
At the end of the day on Sunday, Antoine Frérot's proposal was for 6 billion euros in turnover, with water assets in France, but also internationally.
In the event of a long-term non-receipt on the part of the Suez board, Veolia has a final weapon: the general meeting of shareholders.
Antoine Frérot's group could have the support of certain minority shareholders.
Enough to overthrow the board?
