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Veolia-Suez merger: the Paris court orders the suspension of the transaction

2020-10-09T16:30:26.185Z

This decision will be valid as long as the social and economic committees (CSE) of Suez and Suez Eau France have not been "informed and consulted.



New rebound in the standoff between Veolia and Suez.

The Paris court on Friday ordered the “suspension of the operation” for the acquisition by the water and waste giant Veolia of the shares of its competitor Suez held by the energy company Engie and the takeover bid on Friday. come from Veolia to Suez.

Engie has already announced its intention to appeal.

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This suspension was decided as long as the social and economic committees (CSE) of Suez and Suez Eau France, at the origin of the procedure, have not been "informed and consulted" on the decisions already taken, according to the ordinance. of summary.

Veolia on Monday acquired from Engie a block of 29.9% of Suez shares.

The shares were transferred to him on Tuesday and Engie received the € 3.4 billion of the transaction the same day.

Engie said he would not comment immediately.

"It is an offense of obstruction"

On Monday, Engie's board of directors gave the green light to Veolia for the sale of the majority of its stake in Suez.

A decision to which the Suez inter-union said it wanted to oppose "by all means".

"A priori this decision does not call into question the transaction but induces a longer procedure", comments analyst Christopher Dembik, head of economic research at Saxo Bank.

Franck Reinhold von Essen, secretary (CGT) of the European works council of Suez, declared himself "relieved that we can have the possibility to access the file and to be informed and consulted if the hostile takeover should arrive term ”.

An operation fomented long before the official announcement of Veolia's offer at the end of August?

“We need to have detailed, economically based and social information to allow employee representation to have an informed and motivated opinion.

It is a process that cannot be done without.

This is what the court recognized, it is an offense of obstruction, ”he adds.

"The court reinstates Messrs Clamadieu (Jean-Pierre Clamadieu, president of Engie) and Frérot (Antoine Frérot, CEO of Veolia) and shows them that they are not above justice and the Labor Code" , still believes Franck Reinhold von Essen.

The representative bodies of Suez employees had referred Engie and Veolia for “not having been informed and consulted regularly on this project”.

The Suez unions accuse the two giants of having fomented the operation long before the official announcement of Veolia's offer at the end of August.

Source: leparis

All business articles on 2020-10-09

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