Paris, February 10th 2021

Proxinvest, the first independent French and European proxy agency, has been closely following developments in the Suez case and has been engaged in a high level dialogue with both Suez and Veolia since September 2020. Following the announcement by Veolia of the formal filing of a takeover bid for the entire share capital of Suez at a price of €18 per share on 7 February 2021, Proxinvest reiterates its commitment to the proper functioning of the market and the respect of shareholders’ rights. Shareholders’ rights are exercised at general meetings and through the freedom to make offers and counteroffers. 

The formal filing of a takeover bid responds to a request made by Proxinvest in October 2020 and offers the minority shareholders of Suez the same terms as those offered for the acquisition of Engie’s stake in Suez’s capital.

Regarding the creation of a foundation under Dutch law in September 2020, Proxinvest has expressed to Suez its wish to ensure that the public is properly informed, that the company’s sovereignty over its assets is respected and that the necessary prior consultation of the shareholders via the general meeting is carried out. 

Proxinvest will continue to monitor developments between now and Suez annual general meeting to ensure full compliance with the shareholder’s rights.

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