Paris (AFP)

The Veolia group announced Monday that it would deliver to Engie "no later than September 30" its improved offer for the buyback of Suez shares.

"I am going to improve it further, I am working on it, this is not yet completely finished," said Veolia CEO Antoine Frérot on France 2.

He indicated on Friday that he would raise its price, after offering at the end of August 2.9 billion euros (15.50 euros per share) to Engie for its 29.9% stake in Suez.

"I heard the concerns of Bruno Le Maire," the Minister of the Economy, said Mr. Frérot on Monday.

"The executive warned about employment, sovereignty, the maintenance of competition so that communities always have as many choices, and so that the project is inclusive for all parties. I seek to respond, I replied and will answer these four points ".

"I will submit this offer before September 30. It will be a financial improvement in addition to the improvement (on social commitments, Editor's note), to make the offer supposedly less + hostile + - while it is not. is not, ”he added.

The CEO reaffirmed that he is committed to maintaining "all jobs", within the future merged entity as within the activities of Suez that Veolia will have to sell to comply with competition law.

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

Veolia gave Engie until Wednesday, September 30 to respond.

Engie, which sells its shares in Suez to refocus on its energy sector, was due to meet with its directors on Friday, but the board was postponed and a new date 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 choice is "stupid", commented Mr. Frérot.

"But this does not hinder my project because we have found the means to circumvent this obstacle", he affirmed.

"It is a magnificent project, that of creating a great world champion for ecological transformation (...) Yes I think, I am sure that it is well started and that we will do it", he again said.

The presidents of the two groups specializing in water and waste treatment have been in a standoff for weeks.

"Discussions" between the Ministry of the Economy and the Suez and Veolia teams took place on Saturday, but separately.

© 2020 AFP