The update of the 2030 strategic plan, presented yesterday by the management,
made it possible to inform all our shareholders of the substantial progress
made in the execution of this plan and the financial outlook for 2021 and 2022.
The Board of Directors noted the positive reactions of the market regarding the
group's industrial project and its strategy to create value for all
Alternative solution for Engie, respectful of all the stakeholders
Regarding the timeline, Mr Bruno LE MAIRE, Minister of Economy and Finance has
clearly stated, on September 16th the necessity to take the "time needed".
SUEZ is perfectly able to co-establish with Engie a solution that would be
satisfactory for Engie and in the corporate interest of SUEZ. This solution
should respect the interest of all shareholders, employees, clients and all
stakeholders. Such operation could also create the opportunity to double SUEZ'
employee share ownership.
Consequently, SUEZ has asked Engie to set up a suitable timeline for
Sustainability of the French Water activity
On the recommendations of the ad hoc committee composed of independent
directors and a director representing employees, the Board of Directors
believes, in the context of Veolia's hostile project, that a potential transfer
of SUEZ Eau France would be against the company's purpose and the corporate
interest of SUEZ, as well as against the interest of its stakeholders and
particularly its employees. SUEZ' French Water activity, through the subsidiary
SUEZ Eau France, is an essential component of the Group, at the heart of its
strategy. It is one of the pillars of the Group's ambitions for value creation
through the SUEZ 2030 plan and is a primary component of the Group's purpose.
Furthermore, the staff and know-how of SUEZ Eau France are essential to the
development of the Group as a whole, in particular at international level.
Therefore, the Board of Directors decided(1), in the context of Veolia's
hostile project, that the sustainability of SUEZ Eau France within SUEZ group
was to be legally protected.
Consequently, noting also that SUEZ's employees should be fully involved in the
future of SUEZ Eau France, the Board of Directors reached the following
decision: a foundation(2) managed by a majority of representatives or former
representatives of SUEZ's employees, has, from today, the mission to preserve,
in the interest of SUEZ, the integrity of the French Water activity within the
SUEZ group. For the next four years and unless otherwise decided by the Board
of Directors(3) of SUEZ during this period, SUEZ Eau France, as well as its
assets, will be non-transferable in the absence of a prior approval of the SUEZ
Eau France shareholders under certain conditions, and in any case, the
foundation's prior approval.
(1) Mrs. Judith Hartmann and Mr. Franck Bruel having not taken part to the
Board of Directors meeting due to the functions they hold in Engie. The members
present or represented have taken the decision unanimously.
(2) Foundation (non-profit organization) under Dutch law.
(3) Before any change of control of Suez SA.
Almost all of the share capital and voting rights of SUEZ Eau France are still
held by SUEZ and the control and management of SUEZ Eau France remaining
Furthermore, the Board of Directors, having noted the commitment of SUEZ's
employees to the French Water activity, intends to examine how to open SUEZ Eau
France's share capital to the employees of this company.
With these three important steps, the Board of Directors of SUEZ keeps working
to find solutions, in the interest of SUEZ and of all its shareholders and
other stakeholders, in particular the group's employees.
Since the end of the 19th century, SUEZ has built expertise aimed at helping
people to constantly improve their quality of life by protecting their health
and supporting economic growth. With an active presence on five continents,
SUEZ and its 90,000 employees strive to preserve our environment's natural
capital: water, soil, and air. SUEZ provides innovative and resilient solutions
in water management, waste recovery, site remediation and air treatment,
optimizing municipalities' and industries' resource management through "smart"
cities and improving their environmental and economic performance. The Group
delivers sanitation services to 64 million people and produces 7.1 billion m3
of drinking water. SUEZ is also a contributor to economic growth, with more
than 200,000 jobs created directly and indirectly on an annual basis, and a
provider of new resources, with 4.2 million tons of secondary raw materials
produced. By 2030, the Group is targeting 100% sustainable solutions, with a
positive impact on our environment, health and climate. SUEZ generated total
revenue of EUR18.0 billion in 2019.
Find out more about the SUEZ Group on the website & on social media
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Head Office: Tour CB21 - 16, Place de l'Iris, 92040 Paris La Défense Cedex,
France - Tel: +33 (0)1 58 81 20 00 - www.suez.com
Limited Liability Company with a share capital of EUR2,513,450,316 - Siren
(French business administration number) 433 466 570 RCS Nanterre -
VAT FR 76433 466 570