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

VEOLIA ENVIRONNEMENT

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OFFICIAL CORRECTION-UPDATE 1-Suez shareholder urges board renewal amid Veolia tussle

02/23/2021 | 01:30pm EST

PARIS, Feb 23 (Reuters) - Suez minority investor CIAM plans to push for the replacement of more than half the company's board at its annual shareholder meeting amid a takeover tussle with rival Veolia, a spokesman for the activist fund said.

CIAM, which owns less than 1% of Suez, is not in a position to topple Suez's management alone, and would have to win the support of a substantial number of other investors for its AGM resolution to be approved.

But the shareholder meeting in the spring, which last year took place in May, could be a tipping point in an acrimonious spat that has now lasted nearly six months, as shareholders start revealing their positions on the proposed merger.

French waste and water management firm Suez has been fending off approaches from its larger peer Veolia, now its top shareholder with nearly 30%, and which launched an offer for the shares it does not own in February.

Suez's board has decried Veolia's advances, saying a combination could lead to job losses and was not advantageous.

Meanwhile Veolia, which argues it wants to build a world champion to take on rivals emerging from China, dropped a pledge to keep its offer friendly when it went ahead with its bid.

In a letter to Suez's board on Tuesday, seen by Reuters, CIAM said directors should examine Veolia's takeover offer in the interest of investors.

It wants to replace eight members of Suez's 14-strong board, targeting those who voted in favour of creating a foundation to house the firm's water activities, a hurdle to takeover approaches, the CIAM spokesman said. (Reporting by Gwenaelle Barzic; Writing by Benoit Van Overstraeten and Sarah White; Editing by Edmund Blair and Jan Harvey)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ENGIE -0.61% 11.435 Real-time Quote.-8.67%
NATIXIS 0.15% 4.094 Real-time Quote.46.79%
SUEZ SA 0.40% 17.66 Real-time Quote.8.88%
VEOLIA ENVIRONNEMENT 1.89% 22.7 Real-time Quote.13.44%
All news about VEOLIA ENVIRONNEMENT
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02/26VEOLIA ENVIRONNEMENT  : Suez Rejects Veolia's $13.7 Billion Takeover Offer as 'N..
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02/25VEOLIA ENVIRONNEMENT  : Appendix Consolidated Financial Statements December 2020..
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02/25VEOLIA ENVIRONNEMENT  : Annual report - Comments on Consolidated Financial State..
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02/25VEOLIA ENVIRONNEMENT  : FY20 Profit Falls 86%; Board Ups Dividend
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02/25VEOLIA ENVIRONNEMENT  : Présentation résultats annuels 2020 (en anglais)
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02/25VEOLIA : Annual Results 2020
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02/25VEOLIA ENVIRONNEMENT  : PR - Annual results 2020
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More news
Financials
Sales 2020 26 044 M 31 021 M 31 021 M
Net income 2020 349 M 416 M 416 M
Net Debt 2020 11 948 M 14 231 M 14 231 M
P/E ratio 2020 32,1x
Yield 2020 3,16%
Capitalization 12 850 M 15 309 M 15 306 M
EV / Sales 2020 0,95x
EV / Sales 2021 0,89x
Nbr of Employees 181 514
Free-Float 95,5%
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Technical analysis trends VEOLIA ENVIRONNEMENT
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 25,10 €
Last Close Price 22,70 €
Spread / Highest target 32,2%
Spread / Average Target 10,6%
Spread / Lowest Target -18,5%
EPS Revisions
Managers and Directors
NameTitle
Antoine Frérot Chairman & Chief Executive Officer
Claude Olivier Francois Laruelle Chief Financial Officer
Christophe Nebon Director-Technical & Performance
Didier Bove CIO, Senior VP-Information Systems & Technology
Estelle Karine Brachlianoff Chief Operating Officer