Suez-Veolia Merger: The Group will Submit its Improved Offer “No Later than September 30”
The Veolia group announced on Monday that it would deliver to Engie its improved offer to buy back Suez shares “no later than September 30”.
Veolia CEO Antoine Frerot reaffirmed his commitment to maintaining “all jobs”, both within the future merged entity and within the Suez activities that Veolia will have to sell to comply with competition laws. In particular, he assured that he would choose the buyers based on the guarantees provided on employment. “In these service professions, territorial, we cannot relocate: we will not collect the trash in Paris with the teams from Bordeaux. Employees will be needed in the same quantity everywhere, ”he insisted, adding that for management positions, the Suez and Veolia teams would be“ mixed ”, under the control of“ an outside firm ”.
Veolia has given Engie until Wednesday, September 30 to respond. Engie, which is selling its shares in Suez to refocus on its energy sector, was due to meet with its directors on Friday, but the board was postponed and a new date is scheduled for Wednesday. Veolia’s project, which includes the sale of Suez’s Water France activities to comply with anti-trust legislation, has however had a thorn in its side since Suez placed this branch last Wednesday under the hat of a foundation intended to make it non-transferable.
This choice is “a stupidity”, commented Antoine Frérot. “But this does not hinder my project because we have found ways to get around this obstacle,” he said. “It is a wonderful project, to create a great world champion for ecological transformation (…) Yes I think, I am sure that it is started well and that we will do it”, he again said. The chairmen of the two water and waste treatment groups have been in a standoff for weeks. “Discussions” between the Ministry of the
Suez-Veolia Merger: The Group will Submit its Improved Offer "No Later than September 30" - /10