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Veolia owns almost all of Suez's capital

2022-01-27T20:40:30.077Z

Veolia holds 95.5% of the capital of Suez and can now launch a public takeover bid (OPR) on the remaining securities in circulation to recover them.



He now owns 96% of the capital of Suez: the water and waste giant Veolia will soon complete the absorption of its ex-competitor, after a public takeover bid and long months of spectacular showdown financial.

Read alsoThe takeover of Suez by Veolia gives birth to a global giant of ecological transition

The second phase of the takeover bid by Veolia on its former great rival had been running since January 12 and ended on January 27.

Result: Veolia grabs 95.5% of the capital of Suez, announced the Financial Markets Authority Thursday evening.

The holding threshold of 90% of the shares, which was not reached at the end of the first phase of the takeover bid ended on January 7, now authorizes Veolia to launch a public buyout offer (OPR) on the rest of the shares in traffic to pick them up.

It is therefore no surprise that

“Veolia will request, as soon as the final results are published, the implementation of a squeeze-out procedure relating to the Suez shares that it does not yet hold for February 18, 2022”,

announced for its part Veolia in the wake, in a separate press release, a date which will mark a new stage in this historic takeover bid.

“The amount of compensation paid under this squeeze-out would be equal to the offer price, ie 19.85 euros (distribution rights attached) per Suez share”

.

In short, the offer, which had been set at 20.50 euros per share and at 19.85 euros by withdrawing the dividend paid, did not change.

In addition, the Suez shares would be

“delisted from Euronext Paris and Euronext Brussels after the market closes on the date of implementation of the compulsory withdrawal

,” Veolia said.

All operations should be completed in the second half of February, Veolia had previously indicated.

French Champion

The former Lyonnaise des Eaux fought this takeover for a long time but after eight months of financial, political and legal battles, Suez had to resolve in April 2021, after mediation led by its former boss, Gérard Mestrallet. This operation at 13 billion euros will allow Veolia to go from 180,000 to 230,000 employees, with a turnover of 37 billion euros, or an additional 10 billion. The group, which wants to be

“the world, French champion”

of ecological transformation, thus consolidates its position as world number one in environmental services (water, waste, energy efficiency, air quality, etc.), even if it will still represent only about 5% of a very fragmented sector.

For its part, the

"new"

Suez, maintained independent, will have 40,000 employees and generate nearly 7 billion euros in activity, with assets - water and waste - centered mainly in France and with some international positions, especially in China, Africa, Europe. This slimmed down group will be 39% owned by the French fund Meridiam, 39% by the American GIP, with the Caisse des dépôts/CNP Assurances. The first is committed for at least 25 years, the others ten years. The consortium has promised to maintain employment for at least five years, and GIP like Méridiam once again said they were

"aligned"

to support the growth of the company.

To get its hands on Suez, Veolia had to make concessions to meet the requirements of the Brussels anti-trust, and it has six months to make them happen.

In particular, he will have to sell some 300 million euros in assets, in water and industrial waste, and go through a

"thorough investigation"

by the British competition authority, if he wants to be able to buy back Suez's assets. in the United Kingdom (representing 2% of its activity).

A first step for this new Veolia formula is expected on March 17: its management should then be able to publish forecasts for the presentation of its next results, the group assured in early January.

Source: lefigaro

All business articles on 2022-01-27

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