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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Suez SA    SEV   FR0010613471

SUEZ SA

(SEV)
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Suez Says Court Ruling Confirms Suspension of Effects of Veolia Stake Purchase

11/19/2020 | 08:09am EST

By Joshua Kirby

Suez SA said Thursday that it hasn't received the necessary information to complete an employee consultation that would unfreeze a court-ordered suspension of the effects of the purchase of a stake in the company by Veolia Environnement SA.

The French waste-management company said that a court ruling confirmed Thursday that the effects of Veolia's purchase of a 29.9% stake in Suez's share capital remained suspended pending the completion of an employee consultation.

The Paris Court of Appeal confirmed an earlier ruling that said Suez employees had a right to be informed and consulted regarding the deal. Veolia bought the stake from energy company Engie SA.

Since no consultation had been carried out before the deal was finalized on Oct. 5, the effects of the sale remain suspended until the consultation had been completed, according to the ruling, Suez said.

"At this stage, Suez management still has not received from either Engie or Veolia all the necessary elements to respond precisely to employees' legitimate concerns regarding their future," the company said.

Earlier on Thursday, Veolia said in a statement that it would recover all rights in Suez resulting from the purchase by February 5 at the latest, three months after a date when, according to Veolia, Suez announced the beginning of the consultation.

Suez contests that Veolia will recover its rights on that date, and argues that the starting date for the consultation hasn't been fixed.

Suez has characterized Veolia's purchase of a stake in the company and its stated plans for a full takeover as hostile.

Write to Joshua Kirby at joshua.kirby@dowjones.com; @joshualeokirby

(END) Dow Jones Newswires

11-19-20 0808ET

Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE 0.53% 12.385 Real-time Quote.-3.96%
ENGIE -1.50% 13.115 Real-time Quote.4.75%
ENVEA 0.91% 111 Real-time Quote.0.91%
SUEZ SA -0.53% 17.035 Real-time Quote.5.02%
VEOLIA ENVIRONNEMENT -1.97% 22.35 Real-time Quote.11.69%
WASTE MANAGEMENT 0.68% 115.36 Delayed Quote.-2.18%
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More news
Financials
Sales 2020 17 050 M 20 748 M 20 748 M
Net income 2020 -323 M -393 M -393 M
Net Debt 2020 10 057 M 12 238 M 12 238 M
P/E ratio 2020 -32,3x
Yield 2020 3,82%
Capitalization 10 649 M 12 963 M 12 959 M
EV / Sales 2020 1,21x
EV / Sales 2021 1,19x
Nbr of Employees 81 689
Free-Float 52,3%
Chart SUEZ SA
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Technical analysis trends SUEZ SA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 10
Average target price 13,63 €
Last Close Price 17,04 €
Spread / Highest target 9,48%
Spread / Average Target -20,0%
Spread / Lowest Target -47,2%
EPS Revisions
Managers and Directors
NameTitle
Bertrand Camus Chief Executive Officer & Director
Philippe Varin Chairman
Jean-Marc Boursier Chief Operating Officer
Julian David Waldron Chief Financial Officer
Isabelle Kocher Director
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