Avoid at all costs an open war between two French jewels.
Since the end of August and the announcement by Veolia of its plan to take control of its rival Suez, the Élysée had set the red line.
At the highest point of the State, we refused to decide between Matignon, favorable to the redemption, and Bercy, more reserved on the subject.
But the message was unequivocal: find an amicable settlement.
Read also:
Suez sets its conditions to accept the takeover bid from Veolia ... which rejects them
Veolia began by hammering out its
"irrevocable commitment"
to launch a takeover bid on Suez only with the prior consent of the board of directors of its target.
But its CEO, Antoine Frérot, ended up giving up this commitment to find friendship;
No doubt he had badly appreciated the capacity, and especially the will to resist, of Philippe Varin and Bertrand Camus, the chairman and the managing director of Suez.
For months, the latter have scrambled to evade a takeover bid.
Each time, Veolia increased the pressure on Suez in return.
Read also:
Philippe Varin: "Suez and Veolia have an interest in getting out of this deadlock"
In short, the protagonists created the chaos that
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