The key feature is an improved offer price of€20.50 per share coupon attached, representing a significant premium on the intrinsic value of SUEZ, which can be redeemed wholly in cash. For more details on the agreement please read the press release issued on April 12th.
Veolia and SUEZ have committed to finalize a definitive merger agreement by May 14 and will work together to obtain all necessary authorizations, including antitrust, over the coming months. Thanks to the agreement, which has the support of the SUEZ board, the timeline for the deal to complete has significantly accelerated with an expected closing before the end of 2021.
Given the agreement reached with SUEZ’s board and a wider perimeter agreed for the new SUEZ, the improved offer of €20.50 (coupon attached) will require Veolia to raise between 2 and €2.5bn in further capital to finance the operation. To find out more on the agreement please see the press release issued on April 12th here.
The success of this merger will come from the women and men forming the new group and a rigorous process will be initiated to identify talent from both businesses.
The precise shareholder structure is being refined and will be announced once the final agreement is announced on May 14th. The current working assumption is that Meridiam, the Caisse des Dépôts and SUEZ employees will all be shareholders of the new SUEZ. GIP, a renowned institutional infrastructure investor, has also made public its intention to become a shareholder of the new SUEZ.
This cash offer is open to all SUEZ shareholders. No decision has been taken to date on the possibility of an offer in shares.
SUEZ has announced that its AGM will be held on June 22nd 2021 and as the SUEZ board has already accepted Veolia’s offer of €20.50 per share (coupon attached) no other actions by shareholders are required at this stage.
As a SUEZ shareholder you will have the ability to tender your shares in the autumn after all necessary regulatory approvals have been obtained. All details will be provided in due course via the usual communications channels for institutional and retail investors. For specific questions on your SUEZ or Veolia shares please contact us.