Paris (AFP)

The board of directors of Suez pointed out Monday the "great uncertainties" which would entail its takeover by its rival Veolia, which unveiled Sunday its ambition to constitute thus a world champion of the treatment of water and waste.

Suez, who had "taken note" on Sunday "of an" unsolicited "approach, met Monday its board of directors to discuss it.

In a press release issued at the end of this meeting, Suez argued that "the strategy proposed (by Veolia) would generate disynergies and loss of opportunity in France and internationally. In addition, the complexity of the process selected would lead to two years of operational disruption, at a time when, in the post-Covid context, the teams are focused on the implementation of their strategic plan ".

"In a context where the environmental emergency is key for the future of our fellow citizens, Veolia's offer generates concerns about the future of water treatment and distribution activities in France and about employment in France. considering the amount of synergies hoped for ", Suez still believes.

Sunday evening, Veolia announced that it had given Engie, a large shareholder of Suez, a firm offer of 2.9 billion euros, covering most of its stake.

Its offer concerns 29.9% of Suez, of which Engie holds a total of 32%.

If this transaction is successful, Veolia intends to subsequently file a takeover bid for the remainder of the shares.

The repurchase of the whole is estimated at some 10 billion euros, to which is added the debt of Suez.

"This historic opportunity will make it possible to build the French world super champion of ecological transformation", commented Antoine Frérot, CEO of Veolia.

Con side, Suez recalls Monday that its board of directors has "unanimously reiterated its total confidence in the strategic project strongly creating value of Suez as an independent company".

This strategic plan, presented in October, aims to dethrone Veolia from its number one position in the sector.

In its press release Monday, Suez indicates that it has set up "an ad hoc committee that will examine, in particular, the operation envisaged by Veolia, under the prism of the social interest for all Suez stakeholders and the creation of value for all of its shareholders ".

© 2020 AFP