Paris (AFP)

Veolia was optimistic Monday in convincing Engie, the largest shareholder, to accept its offer to buy Suez to create a water and waste giant, promising that it will be improved by Wednesday.

"It is a magnificent project, that of creating a great world champion capable of providing the solutions for a successful ecological transformation. And yes, I think, I am sure, that it is off to a good start and that we will do it", declared on France 2 its CEO Antoine Frérot, who intends to further improve his purchase offer.

He indicated that he would deliver this revised offer to Engie "before September 30", a date he has fixed for him anyway to respond.

"I am going to improve it further, I am working on it, this is not yet completely finished," he added.

The leader of environmental services had indicated on Friday that it would raise its price, after offering at the end of August 2.9 billion euros in cash (15.50 euros per share) to Engie for its 29.9% of shares in historic rival Suez.

The State, Engie's main shareholder, "will not have its timetable dictated," however, Economy Minister Bruno Le Maire repeated Monday to the press: "we will take all the time necessary for this operation to take place. takes place in the best conditions, without brutality and in the interest of both parties ".

"We have with the Prime Minister set conditions for this operation. The first is formal guarantees on employment. Second, the industrial footprint and third, that this operation is mainly French-owned", he declared, adding that "we cannot have a war between two industrial champions in the midst of an economic crisis".

- "State arbitrator" -

The management of Suez and Veolia are engaged in a showdown around this merger project, Suez denouncing the risks for healthy competition, innovation and employment.

According to the group, 10,000 jobs, about half of which in France, out of a total of 90,000, would be threatened.

"That's a lie!" Said the CEO of Veolia on Monday.

"I heard the concerns of Bruno Le Maire," he said, explaining a written commitment to maintain "all jobs" within the future merged entity as within the activities of Suez that Veolia will have to give in to comply with competition law.

He assured that he would choose the buyers based on the guarantees provided on employment.

The gas giant Engie, which sells its shares in Suez to refocus on the energy sector, was due to meet with its directors on Friday, but the board was postponed and a new conclave is scheduled for Wednesday.

Veolia's plan, which includes the sale of Suez's Water France activities to comply with anti-trust legislation, has however had a thorn in its side since Suez placed this branch last Wednesday under the hat of a foundation intended to make it non-transferable.

"This does not hinder my project because we have found the means to circumvent this obstacle", affirmed Mr. Frérot, without further details.

Engie, who wants to sell, is still waiting for a counter-offer from Suez, which did not materialize immediately.

Suez explains that it takes several weeks to set up this plan with alternative investors.

But Veolia is not prepared to extend its deadline.

"We cannot leave 250,000 employees (of Suez and Veolia) too long in uncertainty, and allow the credibility of the financial center of Paris to deteriorate," his boss explained.

"Discussions" between Bercy and the two groups took place on Saturday, but separately.

"We will continue to do so in the days to come, with the concern of making the State play its role which is a role of arbiter", assured Mr. Le Maire Monday.

© 2020 AFP