Clarifications of SUEZ Group following Veolia’s false and misleading statements
- SUEZ has transferred to an independent Dutch foundation two ordinary shares of its main subsidiaries involved in the French Water activity of SUEZ. As regards SUEZ Eau France, it is thus only one share out of the 42 million existing shares.
- The French Water activity of SUEZ as well as its public-service missions thus remain effectively located in France, with moreover the review of a project aiming at opening SUEZ Eau France’s share capital to its employees.
- Its control, its management as well as its accounting consolidation remain unchanged, under SUEZ group’s management.
- As a reminder, the Board of Directors believes that a potential transfer of SUEZ Eau France in the context of Veolia’s hostile project would be against the corporate interest of SUEZ. The only mission given to the foundation is to ensure that the French Water activity remains under the control of SUEZ during 4 years. The foundation is administered by three persons: a former employee of SUEZ, an employee member of SUEZ’s employee representative bodies and a Dutch lawyer. Theirs decisions are taken at a simple majority.
- Hence, the bylaws of the entities involved provide that any contemplated transfer of the French Water activity outside of the SUEZ group will require, during 4 years, the approval of the Board of Directors of SUEZ as well as the approval of the foundation .
- Until a potential change of control of the SUEZ group, the Board of Directors of SUEZ keeps the possibility to deactivate this mechanism.
- At the end of the aforementioned 4-year period, the foundation will be wound up.
Veolia’s statements according to which there would be “an exile of part of their activities”, “transfer of the French Water activity abroad” or “the transfer in a fiscal heaven”, are therefore groundless.