Paris (AFP)

The time is no longer for speckled foils: the CEO of Veolia, who seeks to get his hands on Suez, described Thursday as "pitiful" the decision of his rival to create a legal device greatly complicating any sale of the Water branch French.

The two enemies of water treatment are on the offensive in all directions, in the field of words, communication or law.

Because September 30 expires the offer made by Veolia to Engie to buy back, for 2.9 billion euros, its 29.9% of shares in Suez.

Suez, who refuses to be absorbed, asks for time to be able to present a counter-offer.

It is in this tense context that the leaders of Suez announced on Wednesday evening the creation of a foundation under Dutch law intended to oversee the Water France activity and to make inalienable for four years any sale of this branch without shareholder agreement.

Water, Suez's historic business, is at the heart of the battle, with Veolia planning, in its merger project, to sell it in order to comply with competition law.

On Wednesday, Suez took care to add a clause: in the event of a change of control of the group, only the foundation, led by three people, including a staff representative, can authorize a transfer of water, and no longer the board. administration.

It is a "last maneuver a little pitiful of desertion and transfer abroad of the Water France activity", reacted Thursday the CEO of Veolia Antoine Frérot, who is due to meet this Thursday afternoon with his counterpart from Engie , Jean-Pierre Clamadieu, to "analyze" the situation.

"Today, they (the managers of Suez, editor's note) are transferring to a tax haven, the Netherlands, one of their most important assets", declared Mr. Frérot on BFM Business, denouncing "a financial policy for s 'oppose an industrial project'.

- "Foul play" -

For him, "when you defend your position rather than your company in the face of a project of national interest, I believe that you are betraying both your company and France".

"This dirty trick is not likely to discourage me, I am carrying a project that seems important to Veolia, for Suez and for our country," said the CEO.

The boss of the world number one in the treatment of water and waste wants to build a "super champion" of the sector, thanks to a takeover bid on his longtime rival.

Suez struggles, highlighting risks to competition, employment and touting its potential for wealth creation as an independent group.

“This dismantling is as if someone introduced himself as your friend, suddenly entered your home. The door was opened by one of the owners, and he moved to sell one by one the precious furniture that your grand- mother bequeathed you ", denounced the president of the group Philippe Varin in front of the deputies Wednesday.

The management of Suez is supported by the inter-union, very upset against the project.

So Veolia offered itself a platform to speak directly to the employees of its competitor, Thursday in national newspapers, before the regional press on Friday.

"My first commitment is to preserve all of your jobs", the CEO wrote to them, also promising to "sell as few assets as possible" and "a balanced framework between the leaders from Suez and Veolia".

In this tumult, the government, which through the voice of Jean Castex had first had positive comments on Veolia's project, has been silent for several days.

At the center of the game, Engie, whose main shareholder is the State, holds its next board of directors on Friday evening.

The energy giant last week asked Veolia to improve its offer.

"All options are possible," said Antoine Frérot on Thursday.

© 2020 AFP