New episode in the Veolia / Suez saga. Veolia has renounced any amicable agreement with Suez by launching a hostile takeover bid for 8 billion euros against Suez. An operation interrupted Monday February 8 by the commercial court of Nanterre.
A hostile takeover bid to force the takeover of Suez
Faced with opposition from Suez, in the matter of its takeover by the Veolia group, the latter moved into high gear and launched, Sunday February 7, 2021, a takeover bid (takeover bid) of 8 billion d ‘euros. Veolia justified its action in a press release, considering that “ his repeated attempts at friendliness, reiterated in his offer proposal of January 7, 2021, have all met with opposition “ of the Suez group.
In October 2020, Suez had agreed to the buyout of 29.9% of the shares of its company by Veolia but it was opposed to its total takeover by the water and waste giant. The hostile takeover decision therefore targets the remaining 70.1% of the capital. Thus, in cash, the repurchase of these shares at 18 euros per unit should reach 7.9 billion euros. However, the Nanterre commercial court slowed down Veolia’s dreams of greatness on Monday February 8, 2021 by ordering the suspension of this hostile operation on referral from Suez.
A takeover bid synonymous with ” termination of the friendship agreement “
The Suez group reacted very quickly to this hostile takeover attempt. The spokesperson for Suez denounced ” a breach of the friendship commitment »That Veolia had taken against its competitor. The inter-union of Suez (CGT, FO, CFDT, CFTC, CFE-CGC) for his part denounced a ” declaration of war without return “. To counter this ” Hostile takeover bid against Suez and its employees “, The Suez group seized the commercial court on Sunday February 7 and obtained success Monday February 8 in the morning.
Veolia CEO Antoine Frérot recalled that this desire to buy back Suez was a ” project in the interest of the nation “, since it would allow the creation of a ” French super champion »In a very competitive sector on a global level.