Paris (AFP)
Coveted by its competitor Veolia, Suez counter-attack by announcing Wednesday an acceleration of its development plan, which aims precisely to dethrone its old rival from its place as the world number one in water and waste.
Hurry up.
Veolia, which aims to create "a super champion" of the sector, offered at the end of August to Engie to buy back its 29.9% stake in Suez for 2.9 billion euros, before tackling the rest of the shares .
The group believes that the account is not there, but it has until the end of September only to respond.
The management of Suez, vigorously opposed to the project, therefore embarked on a race to set up an alternative project with investor partners, and to win a bitter battle for influence.
At 6.45 p.m., its president Philippe Varin and its managing director Bertrand Camus must be received by Bruno Le Maire, at the request of the Minister of the Economy.
This will be the first time since the start of the showdown.
The two leaders, who denounce the risks of a "fatal" takeover bid, particularly in terms of employment, should also re-explain the industrial project they have been carrying for a year, explains a source familiar with the matter.
The group announced on Wednesday that it was negotiating with the German Schwarz, to sell it recycling activities (excluding plastics and hazardous waste) for 1.1 billion euros, as part of its development strategy announced in October 2019.
Suez's strategy for 2030, which involves disposals and acquisitions, aims in particular to concentrate its activity on areas with high added value.
The agreement thus provides for a partnership with Schwarz, owner of Lidl, to advance the circular economy.
"This project marks a major step in the achievement of our strategic plan, which provides for concentrating our forces, particularly in France and in Europe, on the activities and geographies where we can deploy our most promising innovations to be the leader in the environment ", commented Bertrand Camus, about an operation which" enhances the quality of our portfolio of activities ".
"This (Wednesday) morning's announcement shows that we are moving forward as planned," CFO Julian Waldron told reporters.
- Several white knights?
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"It is an industrial project, it is the foundation of value creation for our shareholders and our other stakeholders, it is not short term," he added.
"Showing your potential for creating value seems crucial to me all the time and yes, it is even more important today to show that we are moving forward".
At the same time, an array of lawyers and bankers (Goldman Sachs, Société Générale, Rothschild, JP Morgan ...) surrounds the preparations for a counter-offer.
In the opinion of financial analysts, finding a single white knight in this sector is not easy.
But why not several.
Several names keep coming back.
Thus the French investment fund Antin, which "closely" follows the situation, according to a source close to this actor specializing in water and infrastructure.
"Antin has the financial means to be a major player in this file," she says.
And "in the event that this operation is done with other players, Antin is used to working in a consortium".
On the other hand Axa, whose name appeared in the press, is not part of the project, according to a close source.
The State, Engie's reference shareholder, warned that it would be vigilant on the issue of employment and "the French industrial footprint".
"We are looking at Veolia's offer or other offers that may come with a concern for fairness," Le Maire said previously, adding that "there should not be one winner and one loser in this operation" .
Suez unions are calling for a new day of action against this project on September 22.
The group's social and economic committee voted on Tuesday to launch an economic alert right.
The group has 90,000 employees worldwide, including 30,000 in France.
If its takeover bid is successful, Veolia plans to sell the water branch of Suez in France to the Meridiam fund, ensuring that employment would be preserved.
The two parties will have the opportunity to explain themselves again, publicly, on September 23, in the National Assembly before the deputies of the Finance Committee.
© 2020 AFP