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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Veolia Environnement    VIE   FR0000124141

VEOLIA ENVIRONNEMENT

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France's Engie says Veolia's bid for Suez stake too low

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09/04/2020 | 04:14am EDT
FILE PHOTO: Logo of french gas and power group Engie

French water and waste management company Veolia's offer for Engie's stake in rival Suez is too low, Engie's chairman said on Friday, cranking up the pressure on the bidder.

Veolia last Sunday offered 2.9 billion euros (2.56 billion pounds), or 15.50 euros per share, for the 29.9% of Suez held by Engie, as a prelude to launching a full takeover bid.

Suez flagged uncertainties about the deal and has said it would be keen for alternative offers to emerge, although the next step rests with Engie, which is pushing back on the price.

"It's not where it should be," Engie Chairman Jean-Pierre Clamadieu told BFM Business TV.

Clamadieu said some elements of Veolia's offer were attractive, including that it could be a swift solution. Engie is shedding assets to refocus its most profitable businesses.

But he added Engie would also examine any other offers that cropped up.

Veolia has argued buying Suez would help create a French champion in the water and waste management industry that would be better placed to fend off emerging competition from Chinese rivals.

It has sought to pre-empt possible antitrust problems by already agreeing to sell Suez's French water activities to infrastructure fund Meridiam, for an undisclosed amount, if the takeover goes through.

(Reporting by Sudip Kar-Gupta, Benjamin Mallet, Sarah White; Editing by Mark Potter)


Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE -0.15% 10.27 Real-time Quote.3.60%
ENGIE -1.94% 10.895 Real-time Quote.-22.85%
SUEZ SA 0.99% 15.75 Real-time Quote.15.65%
VEOLIA ENVIRONNEMENT -2.42% 16.705 Real-time Quote.-27.79%
WASTE MANAGEMENT -1.85% 111.33 Delayed Quote.-0.49%
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Financials
Sales 2020 25 876 M 30 618 M 30 618 M
Net income 2020 364 M 430 M 430 M
Net Debt 2020 11 078 M 13 108 M 13 108 M
P/E ratio 2020 25,0x
Yield 2020 4,15%
Capitalization 9 489 M 11 230 M 11 228 M
EV / Sales 2020 0,79x
EV / Sales 2021 0,75x
Nbr of Employees 171 212
Free-Float 95,5%
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Number of Analysts 11
Average target price 21,36 €
Last Close Price 17,12 €
Spread / Highest target 61,8%
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Spread / Lowest Target -24,9%
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Antoine Frérot Chairman & Chief Executive Officer
Estelle Karine Brachlianoff Chief Operating Officer
Claude Olivier Francois Laruelle Chief Financial Officer
Christophe Nebon Director-Technical & Performance
Didier Bove CIO, Senior VP-Information Systems & Technology
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