last update
February 25, 2021
Veolia announces resilient 2020 results, with positive 2021 outlook supporting SUEZ tender offer momentum
Read the news
Close

Our offer to
SUEZ shareholders

Veolia announces the filing of a tender offer for the entire share capital of SUEZ to complete the merger between the two groups.  This offer at a price of €18per share (coupon attached) follows a change of intention with the AMF.

Despite repeated attempts to open a constructive dialogue, we can only note the opposition of SUEZ since October 5, 2020, the date on which Veolia became SUEZ's largest shareholder, with the sole aim of obstructing our project.

The tender offer, as well as the draft offer document, will be available on this website as well as on the AMF website and remain subject to the AMF's review.

The completion of the combination between Veolia and SUEZ is envisaged for Q1 2022 as soon as the relevant competition authorities have obtained the necessary approvals.

This offer, awaited by SUEZ shareholders for several months, will enable us to create a world champion of ecological transformation capable of responding to the urgent and global challenges posed by pollution and climate change.

A clear strategy and a coherent industrial project will enable Veolia to continue on its development path despite the difficult economic conditions while still providing firm guarantees to the employees of both SUEZ and Veolia.

Our offer is the best option for SUEZ and for all its stakeholders. We remain ready to engage in a constructive dialogue with the SUEZ Board of Directors. 

This offer provides clarification to the market in the face of the ambiguous manoeuvres of GIP and Ardian following their simple letter of intent of January 17. The letter of intent does not contain any details to date other than the price of EUR 18, which is identical to the price proposed by Veolia. Any potential participation by these financial investment funds was subject to an agreement between Veolia and SUEZ. Veolia, the largest shareholder of SUEZ with 29.9%, confirms that it is not selling its stake. 

This offer meets the demand of SUEZ shareholders, as well as that of its management team, who have publicly requested, over ten times, for a formal offer be filed.

The time has now come for SUEZ's Board of Directors and senior management to comply with their public commitment and fiduciary duty and to give their opinion on our project. 

Otherwise, SUEZ shareholders will have to ask themselves :

  • Is the Board of Directors acting in my interest, or in its own?
  • Why is it blocking my right to decide on the offer?
  • Is the Board of Directors in a position to guarantee a performance of the SUEZ share above the price we are offering?
  • Why are GIP and Ardian unable to clarify their intentions?
Read the press releaseCash Tender Offer
Veolia's employees
Read

the full Letter to Suez shareholders from Veolia CEO Antoine Frérot

Read the letter
Sign up

for updates from the campaign

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

February 25, 2021

Veolia announces resilient 2020 results, with positive 2021 outlook supporting SUEZ tender offer momentum

February 23, 2021

Courts rule in favour of Veolia again in fifth consecutive legal victory since February 3, 2021

February 18, 2021

Veolia’s legal victories pave the way for shareholders to decide on its tender offer

February 11, 2021

Latest court decision in favor of Veolia: Paris Court of Appeal dismisses Suez and upholds Veolia's rights

February 3, 2021

Veolia recovers shareholder rights on SUEZ stake following court decision

January 29, 2021

Continued progress in Veolia’s mission to create a world champion of ecological transformation

January 21, 2021

Veolia ready to start constructive dialogue with SUEZ - Frérot: "Our offer and intentions are clear; urgent clarification of Ardian/GIP position required"

January 9, 2021

“Time is on our side. With every day that passes we get closer to the end”

Antoine Frérot, Chairman and CEO of Veolia, speaking to the Financial Times

January 7, 2021

Our offer creates a global leader of the environmental services industry and includes firm commitments to SUEZ employees

January 7, 2021

Frérot : “Our cards are on the table”

January 7, 2021

“The documents presented to SUEZ today outline the nature of our offer: a project anchored in France, which makes industrial sense and protects jobs. There isn’t any financial alternative able to match our offer on all fronts simultaneously”

October 30, 2020

"The strategic logic of a combination of Veolia and Suez is very strong and would create an uncontested world leader in environmental services at a time when the ecological transformation is accelerating."

Source : Bloomberg

September 24, 2020

"Suez's Board of Directors therefore seems to have chosen the "scorched earth" policy [...]. We will not hesitate to hold the members of the Board liable, both civilly and criminally, for what we consider already characterized misconduct."

Source : Reuters

a compelling offer

Our cash offer of €18 per share represents a 75 per cent premium over the closing share price on July 30, 2020 and is over 35 per cent above the share price when the Shaping SUEZ 2030 plan was announced in October 2019. It is aligned with the price paid to Engie and higher than SUEZ’s share price at any point in the past five years.

Veolia has a clearly defined financing plan covered by antitrust divestitures and additional financing of €3-4bn, and will retain a strong balance sheet and its solid investment grade rating.

We are committed to our offer and strategic plan

Our draft offer proposal was formally submitted to the SUEZ board of directors on 7th January 2021

FAQ

We are here to answer any questions you may have on the offer. If you have any additional questions not covered below, please get in touch.

Read the FAQ

Our vision for a united business

Our ambition is to create the world’s most powerful champion of ecological transformation, built on complementary foundations in established European markets and shared potential in key growth regions of Asia and the Americas.

A united Veolia & SUEZ creates value for all stakeholders

We have a long-term vision and will protect all jobs and benefits of SUEZ’s employees in France as well as the integration of SUEZ’s executives into the management team of the enlarged entity.

You can find out more about our long-term vision for a united Veolia – SUEZ business from our launch presentation.

Download the presentation

Veolia’s consistent outperformance of SUEZ

Under the leadership of Antoine Frérot and his team, Veolia has consistently and successfully executed its strategic plans, starting with its 2012-15 transformation plan and continuing with the 2016-2019 profitable growth strategy which delivered largely organic top line growth, underpinned by €1 billion of cost savings.

This delivered a significant improvement in financial performance and Return on Capital Employed that SUEZ has failed to match despite numerous disposals.

SUEZ’s shares have consistently underperformed both Veolia and the CAC 40, and the Shaping SUEZ 2030 strategic plan shows no signs of reversing this trend. On the date of Veolia’s announcement, the SUEZ share price increased by 18%.

Veolia calls on a highly experienced leadership team, skilled at delivering on complex industrial projects like our proposed merger with SUEZ.

Antoine Frérot, Chairman and CEO of Veolia
Antoine Frérot
Chairman & CEO
  • CEO of Veolia for more than 10 years
  • Successfully delivered strategic transformation and profitable growth, cementing the company's
    status as a leading provider of environmental services
Estelle Brachlianoff, COO of Veolia
Estelle Brachlianoff
Chief Operating Officer
  • One of the world’s top environmental industry experts
  • Managed Veolia’s most important divisions and geographies, including the UK and Netherlands
Olivier Brousse, EVP for strategy and innovation at Veolia
Olivier Brousse
EVP for Strategy & Innovation
  • An engineer with 30 years of experience
  • Successfully helped large infrastructure and environmental services companies around the world transform to meet the sector’s unprecedented transformation
Claude Laruelle, CFO of Veolia
Claude Laruelle
Chief Financial Officer
  • Responsible for expansion of group’s international footprint
  • Led Veolia’s operations in North America and East Asia/Pacific

SUEZ’s destructive response

By failing to engage in a constructive dialogue and focusing its energy on destructive tactics, the board and management of SUEZ are undermining your rights as a shareholder. These include the value destructive use of a “poison pill” mechanism which the courts have blocked until a shareholder meeting is held allowing you to make your decision.

Legal specialist - “poison pill” destroys value

You can read more about our response to SUEZ’s destructive tactics in our recent news and our FAQ section.

Latest updatesRead the FAQ

Key materials

February 8, 2021
Cash Tender Offer
January 7, 2021
Letter to SUEZ board
January 7, 2021
Draft offer to Suez
January 6, 2021
Manifesto
December 15, 2020
Letter to SUEZ shareholders: Protect your rights

stay updated

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Contact us

Institutional Shareholders
Georgeson - Mr. Matthieu Simon-Blavier
Retail / Private Shareholders
Morrow Sodali
Veolia Group Media Relations
Veolia - Mrs. Sophie Gaucher
Tel +33 6 79 42 12 06
Thank you for your message.
Oops! Something went wrong while submitting the form.