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Suez responds no to Veolia's latest requests and accuses its CEO of "contempt"

2020-11-05T10:57:09.777Z


"Your threats by mail, press releases, interviews are incompatible with the public commitment of 'friendliness' that you had subscribed for at least six months," wrote Philippe Varin to Antoine Frérot.


The president of the Suez group, targeted by a takeover bid from his competitor Veolia, replied no to the latest requests made by his rival, accusing his CEO of "

contempt

" in a letter he sent him on Thursday.

Veolia wants to obtain a "

merger agreement

" with the board of directors of Suez, which it asks in particular to cancel a legal device complicating the sale of its Water France branch.

Read also: Veolia ready to return to the Suez attack

"

Your threats by mail, press releases, interviews are incompatible with the public commitment of 'friendliness' that you had subscribed for at least six months

", writes the president of Suez Philippe Varin to Antoine Frérot, accused of "

Contempt (...) with regard to Suez and its teams

".

He ensures that he has not received any "

firm, detailed and complete offer

" on the content of the Veolia project in France and abroad.

Regarding the foundation under Dutch law that Suez set up in September to block the sale of its Eau France activity, “

we therefore cannot follow up on your request for 'voluntary deconstruction' of a completely legitimate mechanism intended to maintain the 'Water activity in France for the benefit of its employees, customers and shareholders,

”adds Mr. Varin.

This request is "

also contrary to competition law, which prohibits Veolia from interfering in the management of Suez

", he said in this letter made public by Suez.

"

The board of directors, united and determined, continues to explore all options in the interest of the company,

" he continues.

During a press conference on Tuesday, Mr. Frérot reiterated his intention to file a takeover bid on all the capital of Suez as soon as the council of his prey has approved the project.

Whether it is the current board, or a board possibly renewed at the next general meeting of Suez shareholders.

"

I encourage Suez shareholders to put pressure on the board of directors, and if they do not succeed, to request a general meeting to decide on the proposed merger,

" Antoine Frérot reiterated on Thursday. margin of the presentation of the quarterly results of its group.

Read also: Veolia ready to return to the Suez attack

The two leaders in water and waste have been torn apart since Veolia announced at the end of August its intention to buy back from Engie its 29.9% stake in Suez.

Veolia now wants to acquire the rest and create a leader in the sector, to the chagrin of Suez, which is crying out for industrial scrapping.

Source: lefigaro

All business articles on 2020-11-05

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