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Clamadieu: Engie’s Board of Directors will vote on Veolia's new offer on Wednesday

  • Clamadieu: Engie’s Board of Directors will vote on Veolia's new offer on Wednesday
    Credit: Parus-Corax, Wikipedia

Engie’s Board of Directors will have to make a decision on Wednesday on Veolia's improved bid to purchase most of the company’s stake in Suez. An improved offer which Veolia has still not sent Engie, said Jean-Pierre Clamadieu, Chairman of Engie on Tuesday, reports Challenges.

Speaking at a parliamentary hearing, Clamadieu reiterated his conviction of the solidity of the project proposed by Veolia for Suez.

“I don’t know what Antoine Frérot, CEO of Veolia, will tell us about the bid increase either tonight or tomorrow,” Jean-Pierre Clamadieu told the deputies.

Clamadieu added that Engie’s Board of Directors: “will have to decide tomorrow what it makes of the new offer.”

Veolia’s offer to buy 29.9% of Engie’s stake in Suez expires on September 30.

Engie's Chairman expressed his disappointment at the lack of an alternative offer and his surprise at the decision by Suez to integrate its water business in France into a Dutch foundation. In his opinion, this initiative is "opaque" and could cut the company off from its shareholder base.

According to Reuters, Clamadieu also said that Veolia has promised to keep workforce until the end of 2023 in case its proposal goes through and it purchases 29.9% of Suez.

Bruno Le Maire, Finance Minister, said that the government would not be pressured over Veolia’s offer for Suez and had asked both companies to calm down, reiterating there was no rush to make any decisions.

Jean-Pierre Clamadieu added that the French state, which holds a 23.6% stake in Engie, had given green light to the firm's restructuration, including the sale of its financial holdings, reports Reuters.

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