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

VEOLIA ENVIRONNEMENT

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Veolia chief pledges no Suez job losses under offer plan

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09/13/2020 | 04:11pm EDT

PARIS, Sept 13 (Reuters) - Veolia's offer to acquire a stake in fellow French waste and water management group Suez will not lead to job losses at Suez, Veolia's CEO told newspaper Les Echos as he tries to overcome Suez's opposition to his plan.

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), and, if successful, to then launch a full takeover bid to create a "world champion of ecological transformation."

The offer has been rejected by Suez, with its chairman saying in an interview published earlier on Sunday it represented an "industrial mirage" that would bring job cuts in France.

In his interview with Les Echos, Antoine Frerot said infrastructure fund Meridiam to which Veolia proposes to sell Suez's French water business has provided guarantees about preserving jobs, while employment would be the most important criteria in any sale of waste assets due to competition issues.

"For staff, there is therefore strictly no risk of job losses," Frerot was quoted as saying.

Four or five of a dozen-strong executive committee in the combined company were expected to be former Suez staff, including potentially Suez Chief Executive Bertrand Camus, he said.

Suez has said it is working on an alternative solution for Engie's stake, while Engie has said Veolia's offer is too low.

French Finance Minister Bruno Le Maire has said he would meet soon with Suez to discuss the issue.

Veolia did not plan to extend its offer beyond a current Sept. 30 deadline, Frerot said.

He reiterated that his group planned to pay for the 29.9% stake in Suez in cash, and would consider several debt options to finance a full takeover, adding Veolia had the backing of its banks.

A capital increase was another possibility but would only represent a small part of the deal financing and occur at the end of the process, he said. (Reporting by Gus Trompiz, Editing by William Maclean and Daniel Wallis)


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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Managers
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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