Veolia CEO Antoine Frérot today committed to the success of the merger with SUEZ in 2021 and confirmed that Veolia had submitted a draft offer proposal detailing the complete offer to the SUEZ board, which has also been made public.
At a virtual press conference alongside COO Estelle Brachlianoff and CFO Claude Laruelle, Mr. Frérot also confirmed that antitrust-related approvals are well underway in all key markets and that Veolia's acquisition of the 29.9% of SUEZ held by Engie is now irreversible.
Speaking via video link, Mr. Frérot said: “We are one step closer to the realization of our merger with SUEZ to create a global champion of ecological transformation ready to meet the urgent, global challenges of pollution. The comprehensive offer materials shared with the SUEZ board and made available to all stakeholders demonstrate our commitment to complete transparency. Our offer document will be filed with the AMF when possible.
“The remaining obstacle to the realization of Veolia's offer is the attitude of the current SUEZ board, which is acting against the interests of its own shareholders. In a normal situation, our proposal would result in a commitment by the SUEZ board to resume the discussions that began last October, which Mr Varin ensured me would continue after the Veolia’s acquisition of Engie’s 29.9 per cent shareholding. SUEZ shareholders must hold the board and management to account and demand the right to have their say on the proposed offer at the next General Assembly.
“While the SUEZ leadership focusses its energy on destructive legal stalling tactics, Veolia continues to move forward in line with the schedule we set out following the completion of our acquisition of Engie’s stake. Between nine and 15 months separate us from the end of this merger and our work on the technical aspects of the project intensifies every day.”