France: Engie's board must decide on the sale to Veolia of its shares in Suez

Employees belonging to the Suez intersyndicale demonstrating in front of the Engie tower, at La Défense, in Paris, on September 29.

Eric PIERMONT / AFP

5 mins

It is this Wednesday, September 30 that the board of directors of Engie must decide on the sale to Veolia of the shares of Suez that it owns, or 29.9% of the capital.

A crucial meeting in the conflict between it and the French giants of environmental management, two competitors who are in the midst of a trade war.

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The energy group Engie was offered by Veolia a little less than 3 billion euros for the purchase of its shares in Suez.

An offer that he considers insufficient and a buyout plan massively rejected by Suez.

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Antoine Frérot, the boss of Veolia, had promised Engie to improve his purchase offer for almost all of the shares he owns in Suez, or 30% of the group for 2.9 billion euros.

A first step for Veolia, which then aims to launch a full takeover bid to form a world champion in water, waste and energy management.

For its part, Engie wants to sell its shares in Suez to refocus its activities on energy.

Veolia's offer expires on Wednesday without new proposals on the table, says Jean-Pierre Clamadieu, president of Engie.

The latter is determined not, he says, to let go " 

 ".

Suez refuses any merger with Veolia

For its part, Suez refuses any merger with Veolia and warns of the loss of 10,000 jobs, half of which in France out of the 90,000 that the group has worldwide.

Suez has also placed its “Water France” activity under the leadership of a foundation in the Netherlands, which would make it inaccessible.

Engie's board of admiration therefore opens in a tense atmosphere.

No one knows either what position the State, a shareholder of around 23% of Engie, will adopt at this meeting.

♦ Tuesday, September 29, the inter-union of Suez organized a demonstration in front of Engie's headquarters, in La Défense, in Paris, to protest

by Veolia.

More than 200 employees were present.

Veolia has the will to destroy a competitor, to tear him to pieces and to slice him up.

Suez employees demonstrate in front of the Engie Tower

Altin Lazaj

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