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Caixabank will not help Suez defend itself against Veolia's offer

  • Caixabank will not help Suez defend itself against Veolia's offer
Content by:Paula Sánchez
ACCIONA
Idrica

Spain’s Criteria, the parent company of Caixabank, does not plan to intervene or participate in any consortium that might make an offer for Engie's stake in Suez, according to a Reuters source with knowledge of the matter.

Criteria, which is the second largest shareholder in Suez and has a 5.9% stake in the company, is also the investment company in charge of managing the assets of La Caixa Banking Foundation. In 2014, it signed a framework agreement with Suez for the latter to acquire its remaining 24.14% stake in AGBAR.

The company is waiting for the result of Veolia's offer to Suez for 29.9% of the company, which is in the hands of Engie, its main investor, said the source.

Caixabank is not playing any active role in trying to help Suez fend off Veolia’s bid approach, added the source.

This operation, which has been described by SUEZ's CEO, Bertrand Camus, as an "opportunistic financial operation that undervalues Suez's assets," could have a direct impact on the possible disinvestment of Suez's stake in Aguas de Barcelona (Agbar), of which it is the owner.

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