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

VEOLIA ENVIRONNEMENT

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Suez seeks alternatives to Veolia's offer for stake

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09/10/2020 | 09:21am EDT
FILE PHOTO: Logo of Suez

French waste and water management group Suez on Thursday reiterated its opposition to Veolia's offer for Engie 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 (2.66 billion pounds), 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 1.36% 10.435 Real-time Quote.5.11%
ENGIE 1.38% 11.365 Real-time Quote.-21.08%
SUEZ SA 0.22% 15.685 Real-time Quote.16.31%
VEOLIA ENVIRONNEMENT 1.28% 17.35 Real-time Quote.-26.82%
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Financials
Sales 2020 25 876 M 30 691 M 30 691 M
Net income 2020 364 M 431 M 431 M
Net Debt 2020 11 078 M 13 140 M 13 140 M
P/E ratio 2020 25,4x
Yield 2020 4,10%
Capitalization 9 617 M 11 384 M 11 407 M
EV / Sales 2020 0,80x
EV / Sales 2021 0,76x
Nbr of Employees 171 212
Free-Float 95,5%
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Mean consensus HOLD
Number of Analysts 11
Average target price 21,36 €
Last Close Price 17,35 €
Spread / Highest target 59,7%
Spread / Average Target 23,1%
Spread / Lowest Target -25,9%
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NameTitle
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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