The coming days are crucial for all the protagonists of the Veolia-Suez file.
This Tuesday, the Suez unions demonstrate in front of the headquarters of Engie to put pressure on Jean-Pierre Clamadieu, the president of the group, who wants to give up his share of 32% in the company;
Wednesday, the leaders of Suez and Veolia will be heard by the finance committee of the National Assembly;
On Friday, Engie's board of directors will meet.
Read also:
Suez-Veolia: behind the battle, twenty years of twisted blows
Veolia set the rules Sunday, August 30, offering Engie to buy back 29.9% of Suez at 15.50 euros per share, before launching a takeover bid on the remaining capital.
An offer valid until September 30.
Since then, Suez leaders have castigated their rival's proposal, as have the group's unions and some local elected officials.
But it is known that Engie will sell his stake.
And, at the moment, there is only one offer.
Presenting an alternative to that of Veolia becomes critical.
The managers of Suez, chief executive Bertrand Camus in the lead, are struggling to achieve this.
Their objective: to offer an attractive price for Engie's part, but without a takeover afterwards.
“There is money available today,
we know from the Suez side.
But investors don't want to take the risk of opposing the government. ”
The words of Prime Minister Jean Castex, who said Veolia's offer
“made sense”
,
remain on the minds of many.
Those of Bruno Le Maire, his Minister of the Economy, specifying that the State
"would look at all the offers",
seem to have had less weight.
To loosen this vise, one solution would be to obtain additional time.
The group thought they had obtained it when, last Thursday, Bruno Le Maire refused any
“rush”
on this file.
State shareholder
The ace.
The same evening, the board of directors of Engie gave a mandate to Jean-Pierre Clamadieu to
"seek from Veolia an improvement of the terms of its offer"
.
Without a word on the deadline set by Veolia, which many observers have analyzed as the board's desire to mark its independence from the State shareholder.
Veolia ensures that
"the offer will fall on September 30"
.
Leaving for the rest open any possibility.
For Engie, extending the deadline set by Veolia represents risk taking.
"Veolia's offer is held until the end of September and the group has no interest in extending it,"
explains Xavier Regnard, analyst at Bryan
, Garnier & Co. This would give Suez time to prepare a counter-offer.
Engie will therefore have to decide quickly. ”
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Bertrand Camus: "The operation proposed by Veolia is aberrant for Suez and disastrous for France"
Jean-Pierre Clamadieu must manage his own constraints.
This Monday, hearings began to find a managing director at Engie, a position vacant since the departure of Isabelle Kocher in February.
And this against a background of tension between the president of Engie and the State shareholder.
Jean-Pierre Clamadieu hopes, on September 30, to present a general manager and claim the obtaining of a large check, with the sale of his share in Suez.
Philippe Varin and Bertrand Camus have only a few days left to find allies willing to sign a bigger one than Veolia's.
