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

SUEZ SA

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Suez seeks alternatives to Veolia's offer for stake

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09/10/2020 | 03:22am EDT

PARIS, Sept 10 (Reuters) - French waste and water management group Suez on Thursday reiterated its opposition to Veolia's offer for Engie's stake in the company, and said it was looking at alternatives.

"The board of directors of Suez affirms its full support to the management team to execute and accelerate the Suez 2030 strategic plan and to explore alternatives to Veolia's proposal that are in the interests of the group and all its stakeholders," the group said in a statement.

Veolia offered on Aug. 30 to buy a 29.9% stake in Suez from French gas and power utility Engie for 2.9 billion euros ($3.4 billion), saying it aimed to create a "world champion of ecological transformation".

"The board of directors of Suez met yesterday and, after a thorough review, unanimously concluded that the hostile approach announced by its competitor Veolia on Aug. 30 2020 is against the best interests of Suez and all its stakeholders," it said.

A spokeswoman for French private equity firm Ardian told Reuters that Ardian was talking to both Suez and Veolia.

"Ardian is talking to all parties but there is absolutely no concrete operation under way ... there is no deal signed with anyone, neither Suez nor Veolia," the spokeswoman said.

She was speaking after business newsletter Lettre A said Ardian and Anti Infrastructure Partners could help Suez engineer an alternative offer for Engie's stake in Suez.

French Finance Minister Bruno Le Maire said on Wednesday he will meet soon with Suez management over Veolia's plan to take over the group.

The blessing of the French government is key for any deal, as the state holds a 23.6% stake in Engie.

On Sunday Suez head Bertrand Camus dismissed Veolia's offer to buy a stake as "disastrous" for France, telling daily Le Figaro this was an "opportunistic financial operation".

The offer undervalued Suez assets and "underestimates competition issues and execution risk", he said.

(Reporting by Dominique Vidalon, Benjamin Mallet; Editing by Clarence Fernandez and David Evans)


Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE -1.44% 10.285 Real-time Quote.5.11%
ENGIE -2.24% 11.11 Real-time Quote.-21.08%
SUEZ SA -0.57% 15.595 Real-time Quote.16.31%
VEOLIA ENVIRONNEMENT -1.33% 17.12 Real-time Quote.-26.82%
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Financials
Sales 2020 17 119 M 20 222 M 20 222 M
Net income 2020 -433 M -512 M -512 M
Net Debt 2020 10 087 M 11 916 M 11 916 M
P/E ratio 2020 -22,2x
Yield 2020 4,14%
Capitalization 9 749 M 11 521 M 11 516 M
EV / Sales 2020 1,16x
EV / Sales 2021 1,15x
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 12,47 €
Last Close Price 15,69 €
Spread / Highest target 8,38%
Spread / Average Target -20,5%
Spread / Lowest Target -42,6%
EPS Revisions
Managers
NameTitle
Bertrand Camus Chief Executive Officer
Philippe Varin Chairman
Jean-Marc Boursier Chief Operating Officer
Julian David Waldron Chief Financial Officer
Paul-JoŽl Derian Group Scientific & Technology Director
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