April 14, 2021

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Sale of Suez properties in Australia forms new order with Willia | Companies

This Tuesday’s announcement of the continued sale of Suez assets in Australia has created a new lineup with its first partner, Viola, who wants to take control through a hostile acquisition and blame him for a new move to thwart his plans. At the end of several months of negotiations, Suez said in a statement that the Australian team had signed an agreement with Kleinway to change its recycling business in the country, based on the company’s value of A $ 2.52 billion (approximately 6 1,630 million). ).

The company promised that this activity would be consistent with its strategic plan, especially for rotating assets and creating value for its shareholders. Suez stressed that the terms of the sale would allow Violia to bring control of those assets if it accepted the plan put forward on the 21st. In practice, this means the sale can be canceled if Suez launches an attempt right now and between May 5th. At a price of at least 22.5 euros per share, it is significantly higher than Violia’s offer of 18 euros. In Australia, if Viola or another candidate pays more than Klein has promised, it has the right to bid again if it wants to move forward with the acquisition.

While the Suez administration at the same time confirmed that it wanted to reach a compromise to close the war between the two French companies, which had lasted since last summer, Velia denounced the work as “contradictory”. According to Viola, who owns 29.9% of Suez, these businesses in Australia are “strategic” and, as already noted in its attempt to formalize on February 8, “obviously does not fit” with the goal of removing them. Compromise quickly.

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For this reason, Violia proposed to continue to use all legal means to prevent the transfer of these strategic assets and to cancel them if possible. In addition, it reserves the right to seek an expert opinion on the sales contract, which it considers “extraordinarily favorable to a foreign operator competing with Suez and Viola.”