SUEZ reiterates its objective to find a negotiated solution with Veolia as soon as possible
A fair offer needs notably to recognize the value of SUEZ
The Board of Directors of SUEZ notes that all its actions reinforce its objectives to protect its corporate interest and defend its shareholders. The Board noted on the 26th February 2021 that SUEZ was significantly undervalued by the price of 18€ per share (cum dividend) offered by Veolia, price which has remained unchanged since the transaction with Engie on 5th October 2020. The Board reiterated this view on the 21st March 2021.
SUEZ continues to act to create value for all its shareholders. The evolution of the stock market price, which trades above 18€, the expectations of our shareholders, and in addition the multiple implied by the disposals signed since August 2020 - including the most recent concerning our Australian recycling and recovery activities – demonstrate clearly the relevance of these actions.
A negotiated solution is the priority of the SUEZ Board
SUEZ proposes to Veolia’s Chairman and CEO to meet in the coming days. SUEZ reiterates its objective to negotiate a solution which respects all stakeholders.
The Board notes that a negotiated solution opens the way for the deactivation of the Foundation. As additional proof of a wish to negotiate, the agreement reached with Cleanaway was renegotiated to allow Veolia access to these businesses notably in the context of a global agreement1.
The Board hopes for a discussion in a constructive spirit which opens the way to a fair proposal which responds to its expectations on price and on the continuity of our activities.
Finally, the Board will ensure that the interests of its employees will be respected through appropriate employment guarantees.