France · Competition
How the Veolia takeover preserved a separate Suez business
Veolia first bought 29.9% of Suez and took control after a tender offer. Less than two weeks after the initial tender settled, Veolia sold a package of French water, waste and other assets to a consortium that continued to operate under the Suez name.
Sources checked
- 6 October 2020Veolia acquires minority holding
29.9% of Suez share capital bought from Engie Source 1
- 29 July 2021Public tender offer launches
€19.85 per share after the €0.65 dividend Source 1
- 14 December 2021European Commission grants conditional clearance
Approval requires competition remedies Source 2
- 18 January 2022First tender settlement
86.22% of Suez share capital and voting rights Source 1
- 31 January 2022New Suez sells to investor consortium
About €7 billion revenue and 35,000 workers in the carved-out business Source 3
- 31 January 2022Divestiture cash received
€8.018 billion disposal price recorded by Veolia Source 1
Show 1 more dates
- 18 February 2022Squeeze-out completes
Completion date recorded in Veolia's accounts Source 1
Control of the listed group preceded the sale of the businesses that formed the new Suez.
The minority holding preceded the offer
The Commission case account describes the 29.9% stake as non-controlling. Veolia's January tender settlement raised its holding to 86.22% and gave it control. That difference explains why the 2020 purchase date and the 2022 takeover date both appear in records of the transaction. Source 1 Source 4
What transferred into the new Suez
The carve-out included French water and recycling operations, international assets in several markets and global digital and environmental activities. Veolia described it at closing as a business with around €7 billion in revenue and 35,000 employees. Source 3
Competition clearance changed the perimeter
The Commission made its clearance conditional and examined overlap in waste and water services. Divesting the main remedy package to an independent buyer preserved a business that could operate in those markets after Veolia took over the listed company. Source 2 Source 4 Source 3
Keep the tender and disposal cash separate
Veolia's €19.85 tender offer was the per-share price after the 2021 dividend. The €8.018 billion recorded in its accounts was the disposal price received from the consortium for a defined package of businesses. The two amounts refer to different transactions, counterparties and units. Source 1 Source 3