Paris (AFP)
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 making its French water branch unassignable for four years.
It is a "last maneuver a little pitiful of desertion and transfer abroad of the activity Water France", declared Antoine Frérot on BFM Business, reacting to the decision of Suez Wednesday evening to place this branch under the responsibility a foundation under Dutch law specially created to make inalienable any transfer of the activity without the consent of the shareholders.
Veolia proposed to Engie to buy back its 29.9% stake in Suez for 2.9 billion euros, before launching a takeover bid on the rest of the shares.
Mr. Frérot indicated that he would meet this Thursday the CEO of Engie Jean-Pierre Clamadieu.
Engie has until September 30 to respond to its offer.
"Today, they (the leaders of Suez, editor's note) are transferring to a tax haven, the Netherlands, one of their most important assets," Water France, said Mr. Frérot, denouncing "a financial policy to oppose an industrial project ".
For him, they "have betrayed their company, their shareholders including Engie, they even betrayed France. (...) When you defend your position rather than your company in the face of a project of national interest I believe that one betrays, and his company, and France ".
"This dirty trick is not likely to discourage me, I am carrying a project which seems important to me for Veolia, for Suez and for our country," he said.
Suez refuses to be absorbed by Veolia, in the name of its own potential for creating value as an independent group.
Its Water France activity, its historic business, is at the heart of the battle, with Veolia planning to sell it in order to comply with competition laws.
By creating a foundation on Wednesday, Suez particularly wants to have a say in the fate of the Water branch, explained the chairman of the board of directors Philippe Varin.
© 2020 AFP