Veolia welcomes the decision of the Commercial Court of Nanterre’s President which prohibits Suez from taking any decision to render irrevocable the foreign inalienability mechanism of Suez Eau France, designed and implemented to prevent Veolia from carrying out its takeover project.
In an order dated today and immediately enforceable, the President of the Commercial Court of Nanterre thus forbids the Suez group to take any decision that could result in the irrevocability of the placement of Suez Eau France within an opaque instrument in the Netherlands, thus paralysing this “stichting-foundation”. And this, until the end of any meeting of a future shareholders’ general assembly of Suez SA, called to rule on the said legal arrangement and its consequences, and at the latest until the shareholders’ general assembly called to rule on the financial statements for the year ended December 31, 2020.
In the meantime, Veolia will sue the Suez group as soon as possible to have this system, which violates essential rules of French law, judged null and void.
Veolia group is the global leader in optimized resource management. With nearly 179,000 employees worldwide, the Group designs and provides water, waste and energy management solutions which contribute to the sustainable development of communities and industries. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and to replenish them. In 2019, the Veolia group supplied 98 million people with drinking water and 67 million people with wastewater service, produced nearly 45 million megawatt hours of energy and treated 50 million metric tons of waste. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €27.189 billion in 2019 (USD 29.9 billion). www.veolia.com
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