This Monday evening, the board of directors of Engie was not afraid to oppose head-on to the will of the state, despite very strong last-minute pressures on the directors.
The Board of Directors of Engie has decided to sell its Suez shares to Veolia against the advice of the State, which is however a reference shareholder of Engie with 23.4% of the capital.
Nicolas Barré takes stock of a current economic issue.
It's a huge twist!
Engie's board of directors has decided to sell its Suez shares to Veolia against the advice of the state, which is a shareholder of Engie.
It is a terrible humiliation for the State, a historical snub.
This is unheard of !
The State, Engie's reference shareholder with 23.4% of the capital, is falling from its pedestal.
This day will be a milestone in the history of French capitalism.
The state has always considered it normal for it to be able to force the hand of the private sector.
We see this when he ceremonially summons the CEOs of banks (however private) to modify their credit policy.
Or the CEOs of supermarkets on purchasing power issues, or even the boss of Total when gas prices rise.
We know this choreography.
But this Monday evening, to the total amazement of Bercy, the board of directors of Engie said no to the state.
An incredible affront.
The board was not afraid to oppose the will of the state head-on, despite very strong last-minute pressure on the directors.
That is to say ?
The state tried to convince several directors of Engie to refuse the sale of Suez to Veolia.
He even had the board of directors postponed by one hour, from 6 p.m. to 7 p.m., to give itself more time.
He tried to convince the two CFDT directors to vote against.
The case went up very high.
In vain.
According to our information, these two directors did not take part in the vote.
As a result, on arrival, of the 11 Engie directors who remained in the room to vote, seven approved the sale of Suez to Veolia.
A flat-sided defeat, therefore, for the State.
It must be said that Veolia's offer was difficult to refuse for the directors of Engie.
Engie wanted to sell, Veolia was offering a good price and there was no other buyer.
How to say no under these conditions?
The State believed that with 23.6% of the capital, it could make the law vis-à-vis the majority of shareholders.
The times are changing…
Is this the first time that the state has found itself in this situation?
He had never been outvoted in this way.
This touches on the ambiguities of the state-shareholder.
The board of directors, which defends the interests of shareholders, considered that it was in Engie's interest to sell its shares in Suez and thus achieve a significant capital gain of 1.8 billion euros, which will allow it to invest in renewable energies.
The state had other considerations in mind.
Like what State and shareholder, the two do not always go well together ...