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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  ENGIE    ENGI   FR0010208488

ENGIE

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Suez bid to fight Veolia offer breach takeover rules, says French watchdog

04/02/2021 | 11:23am EDT
FILE PHOTO: Logo of Suez

PARIS (Reuters) - French financial markets watchdog AMF said on Friday that water and waste company Suez's attempts to fight Veolia's offer breach takeover rules.

In an effort to force Veolia to negotiate, the Suez board has set up a Dutch foundation to prevent the sale of French water assets that its rival would need to divest to win antitrust approval to buy Suez.

Suez also proposed last month to negotiate a takeover if the two companies agreed on the sale of most of Suez's French assets to investment funds Ardian and Global Infrastructure Partners (GIP). Veolia had rejected the proposal.

"The search for a negotiated resolution between the parties is entirely legitimate, but it must respect the principles of transparency and integrity of the market, fairness in transactions and competition, and the free play of offers and higher bids," AMF said in a statement.

AMF is still due to issue its view on Veolia's offer.

Suez said the AMF decision-making process was unacceptable as it didn't respect its rights.

"Suez strictly complies with legal rules in force," the company said in a statement.

Veolia has been locked in a battle for months with its smaller rival Suez, which opposes its moves to try to take over the company in an increasingly hostile saga.

Veolia is Suez's top stakeholder with 29.9% and has launched a 11.2-billion-euro ($13.21 billion) bid for the firm, but under European Union merger rules it cannot exercise control or influence over its target until the deal is cleared by regulators.

Shares in Veolia were up 2.15% at 1353 GMT.

(Reporting by Gwenaelle Barzic, Benjamin Mallet and Matthieu Protard; Editing by Benoit Van Overstraeten, Kirsten Donovan, Andrew Cawthorne)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ENGIE 1.02% 12.452 Real-time Quote.-1.55%
SUEZ 7.73% 19.865 Real-time Quote.13.69%
VEOLIA ENVIRONNEMENT 9.66% 24.75 Real-time Quote.12.79%
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Financials
Sales 2021 60 307 M 71 833 M 71 833 M
Net income 2021 2 483 M 2 957 M 2 957 M
Net Debt 2021 23 967 M 28 547 M 28 547 M
P/E ratio 2021 12,2x
Yield 2021 5,89%
Capitalization 29 790 M 35 489 M 35 483 M
EV / Sales 2021 0,89x
EV / Sales 2022 0,91x
Nbr of Employees 171 000
Free-Float 72,2%
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 14,90 €
Last Close Price 12,33 €
Spread / Highest target 37,9%
Spread / Average Target 20,9%
Spread / Lowest Target -30,0%
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Managers and Directors
NameTitle
Catherine MacGregor Chief Executive Officer
Judith Hartmann CFO, Executive VP-United Kingdom & Ireland
Jean-Pierre Clamadieu Chairman
Yves Le Gélard Chief Information & Digital Officer
Shankar Krishnamoorthy EVP-Strategy Innovation & Industrial Development
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ENGIE-1.55%35 401
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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED5.06%30 937
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