The essential gun pass Suez won in his legal war with Veolia, in a file about a legal gathering intended to thwart his big rival’s project to buy it.
New upswing in the “showdown” between the two French water giants. Suez scored a point in his legal war with Veolia this Thursday, March 4th, on a record of a legal agreement intended to thwart his big rival’s project to buy it.
Veolia, launched as part of a takeover bid (takeover bid) for its rival, condemned in September the creation of a foundation under Dutch law by Suez to monitor the activities of Water France in order to prevent its sale. On November 19, at Veolia’s urging, the Nanterre Commercial Court urgently and pending a controversial debate, issued a decision to ban Suez from making this foundation irrevocable until the next general meeting of shareholders of the group.
“A threat that is not adequately substantiated”
In a new ruling on Thursday, consulted by AFP, the court “withdraws” that decision after holding the conflicting debate. The framework of the foundation “remains a threat at the time of the application and the contested decision, the immediate implementation of which, or at least in the short term, is insufficiently justified to demand urgent measures to lift this irrevocability”. justifies the court.
Veolia is sentenced to pay Suez € 30,000 and € 2,000 from each of its social committees. Suez “took note of this favorable court decision”. “The creation of the foundation was intended to protect the interests of shareholders, employees, customers and other stakeholders. This has been going on for 5 months, and this tool, in compliance with legal requirements, has already made it possible to improve the terms of Veolia’s offering,” the group says. “This Dutch foundation protects the social and hereditary interests of the Suez Group through its existence”, welcomes the intersyndicale of the water giant in a press release.
Make this foundation “irrevocable”
This calls on the Suez Board of Directors “to make this foundation irrevocable as soon as possible if negotiations between Suez and Veolia do not start or if all activities in France are not maintained during these negotiations”. Other conditions related to job retention and social guarantees, Suez autonomy and independence, or even real competition in France and outside are also included. Veolia did not react immediately.
The water and waste giant acquired 29.9% of Suez from Engie and launched a takeover bid for the remainder of the shares. This struggle between the two groups is interrupted by numerous legal remedies.