Bruno Le Maire, French Finance Minister, has urged Veolia and Suez to settle down and find a resolution in the confrontation over the control of Suez’s group, reports Reuters.
Veolia's takeover bid for Engie's shares in Suez (worth 2.9 billion euros) has opened a battle between the two companies in the fight to become the French world champion in ecological transformation.
In this sense, the French minister on Monday told the two firms on France 2 television: “Let’s not offer to the rest of the world the spectacle of a battle between two beautiful French industrial companies.”
“This conflict is useless and we must find a way that will allow both parties to benefit from this operation.”
“The role of the state is to make sure there is no useless war in French capitalism but the creation of value and jobs for all,” he said.
Bertrand Camus, Suez's CEO, declared last week that Veolia's proposal would be "disastrous for France", an opinion shared by SUEZ's Board of Directors, which unanimously concluded that the price offered by Veolia to Engie totally underestimates SUEZ’s value.