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Court forbids the irrevocability of Suez’s “stichting-foundation” in the Netherlands

  • Court forbids the irrevocability of Suez’s “stichting-foundation” in the Netherlands
    Image: Suez

About the entity

Veolia Water Technologies specializes in water treatment solutions and provides the complete range of services required to design, build, maintain and upgrade water and wastewater treatment facilities for industrial clients and public authorities.

Veolia welcomes the decision of the Commercial Court of Nanterre’s President which prohibits Suez from taking any decision to render irrevocable the foreign inalienability mechanism of Suez Eau France, designed and implemented to prevent Veolia from carrying out its takeover project.

In an order dated and immediately enforceable, the President of the Commercial Court of Nanterre thus forbids the Suez group to take any decision that could result in the irrevocability of the placement of Suez Eau France within an opaque instrument in the Netherlands, thus paralysing this “stichting-foundation”. And this, until the end of any meeting of a future shareholders’ general assembly of Suez SA, called to rule on the said legal arrangement and its consequences, and at the latest until the shareholders’ general assembly called to rule on the financial statements for the year ended December 31, 2020.

In the meantime, Veolia will sue the Suez group as soon as possible to have this system, which violates essential rules of French law, judged null and void.

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