The Board of Directors met today to review VEOLIA's offer to purchase ENGIE’s 29.9% stake in SUEZ, which expires at midnight.
The Board has taken note of VEOLIA's commitments, and notably its unconditional commitment not to file a hostile takeover bid, once it has acquired ENGIE's stake in SUEZ, and discussions started between the parties these past days concerning the industrial project.
The Board has therefore decided to accept VEOLIA's offer. This transaction represents disposal proceeds of EUR 3.4 billion and will generate a pre-tax capital gain of EUR 1.8 billion, to be booked in the 2020 financial results.
Jean-Pierre Clamadieu, Chairman of the Board of Directors, said:
"The disposal of ENGIE's stake in SUEZ is an important first step in the Group’s implementation of its new strategic orientations announced at the end of July. It will enable ENGIE to clarify its profile and boost its capacity to invest in renewable energies and infrastructure – the two growth areas it is focusing on to support the energy transition."
BNP Paribas, Credit Suisse, Lazard, BDGS, Weil, Gotshal & Manges, and d’Angelin & Co served as ENGIE's financial and legal advisers in this operation.