Veolia to raise price for Engie’s 29.9% stake in Suez, Belgrade’s sewage is dumped untreated into the mighty Danube, Veolia is open to discuss proposal price for Engie’s stake in Suez, More than 1 million people affected by floods in East Africa, Suez reveals the results of its strategic plan are ahead of objectives, Microsoft to replenish more water than it consumes by 2030, English rivers do not pass pollution tests, Engie asks Veolia to improve the terms of its proposal, while it remains open to other offers, Aguas de Barcelona gets restructured and appoints Rubén Ruiz Arriazu as Director General, Two French giants battle for the control of the water sector, Caixabank will not help Suez defend itself against Veolia's offer, The city of Bulawayo (Zimbabwe) will recycle water polluted with sewage to address water shortages, French Finance Minister Le Maire warns Veolia and Suez: “This conflict is useless”, Suez sells its stake in ESSAL to Canada's APUC for US$92 million, Defra sets up a taskforce to tackle raw sewage discharges into England’s water bodies, Antin to buy part of Miya from Bridgepoint for nearly €700 million, Borja Sanz: “The water sector has to take a leap forward in terms of the digitalisation of assets”, Digitalisation will allow us to reinvent sustainability in the water and wastewater sector, IFC: "The concept of a circular economy has come into mainstream thinking in the water sector", Filling Africa’s largest dam risks political tension if engineering realities are ignored, Partnership between US-Qatar aims to find buried water in Earth's deserts, Brown & Caldwell, Black & Veatch team up for next-generation Class A wastewater digester facility, Economic uncertainty to propel $52 billion trenchless technology water & wastewater opportunity. "Suez needs a strategic reset: The new management team of Suez now has a compelling opportunity in our view to reposition the company," Amber Capital said in a statement. It explains in a power point presentation that: “Over the past decade, Suez has been too centred on a capital-intensive top-line growth strategy in our view, mainly through internationalization while not focusing enough on value creation.”, “We believe the company has subsequently suffered from a recurring need to issue shares to fund acquisitions while earnings contribution has been limited. "On a relative basis, over the past six years Suez has underperformed, its direct peer Veolia by -149% and the Euro Stoxx Utilities index (SX6E) by -34%1 - the underperformance of the company against its peers has been sustained over the past decade.". Amber Capital currently holds a 1.9% stake in Suez SA (“Suez”or the “Company”) on behalf of the funds the firm manages (as of 18/07/2019). Finally, the company will invest in innovation to ensure future growth, and has upscaled their commitment to sustainable development for 2030: In a statement, the investment fund Amber Capital, which holds a 1.9% stake in Suez, said: "The management laid a solid foundation with the ambition of a leaner Suez focused on bottom line growth, asset rotation and shareholder returns; however, they now need to deliver on disposals swiftly and demonstrate the higher organic growth profile they can achieve on the new perimeter. C'est le cas de l'espagnol Iberdrola ou de l'italien Enel. Chaque mois, Capital directement chez vous ! Le fonds activiste Amber Capital détient 1,9 % du groupe fançais, spécialiste du traitement de l’eau et des déchets. Suez launched today its strategic plan for the next decade: Shaping SUEZ 2030. This has resulted in both a decrease in ROCE and an increase in Financial leverage.”. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. “From a financial standpoint, we are of the view that the asset has reached a maturity level that suggests a limited industrial angle for Suez to exploit from hereon.”, pressures from activist fund Amber Capital, Veolia to raise price for Engie’s 29.9% stake in Suez, Belgrade’s sewage is dumped untreated into the mighty Danube, Veolia is open to discuss proposal price for Engie’s stake in Suez, More than 1 million people affected by floods in East Africa, Suez reveals the results of its strategic plan are ahead of objectives, Microsoft to replenish more water than it consumes by 2030, English rivers do not pass pollution tests, Engie asks Veolia to improve the terms of its proposal, while it remains open to other offers, Aguas de Barcelona gets restructured and appoints Rubén Ruiz Arriazu as Director General, Two French giants battle for the control of the water sector, Caixabank will not help Suez defend itself against Veolia's offer, The city of Bulawayo (Zimbabwe) will recycle water polluted with sewage to address water shortages, French Finance Minister Le Maire warns Veolia and Suez: “This conflict is useless”, Suez sells its stake in ESSAL to Canada's APUC for US$92 million, Defra sets up a taskforce to tackle raw sewage discharges into England’s water bodies, Antin to buy part of Miya from Bridgepoint for nearly €700 million, Borja Sanz: “The water sector has to take a leap forward in terms of the digitalisation of assets”, Digitalisation will allow us to reinvent sustainability in the water and wastewater sector, IFC: "The concept of a circular economy has come into mainstream thinking in the water sector", Filling Africa’s largest dam risks political tension if engineering realities are ignored, Partnership between US-Qatar aims to find buried water in Earth's deserts, Brown & Caldwell, Black & Veatch team up for next-generation Class A wastewater digester facility, Economic uncertainty to propel $52 billion trenchless technology water & wastewater opportunity. According to Reuters, SUEZ has already replied to this letter arguing that it is in the process of strategic reorientation which they will present next autumn. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. See here for a complete list of exchanges and delays. It is a DE Limited Partnership. To initiate an asset rotation cycle, it recommends the disposal of Spain-based Agbar. (AOF) - Suez n'a pas tardé à réagir aux demandes du fonds activiste américain Amber, qui détient environ 1,9% du capital. In response to Suez's announcement, the company's shares have dropped this morning from a little over 14 to 13.26 euros (-7.01%). Le capital de SUEZ est réparti de manière équilibrée entre les différents actionnaires. L'utilisateur du service OPTION FINANCE SAS utilisera les données AOF à ses propres risques et devra tenir OPTION FINANCE SAS et ses contributeurs indemnes de toute réclamation résultant de cette utilisation. The next issue of Top Stories Newsletter will soon be in your inbox. Plusieurs facteurs pénalisent les valorisations : d'abord l'intervention des pouvoirs publics, qui n'est pas un gage de stabilité pour les investisseurs car les politiques peuvent varier. Toujours selon Reuters, Amber Capital précise sa pensée : "après des années de gestion passive de son portefeuille, le groupe devrait s'engager dans une revue complète de son portefeuille, se séparer d'actifs matures, et utiliser les produits de cession pour réinvestir, se désendetter et effectuer des rachats d'actions". Amber Capital tells French utility Suez to rethink strategy, tap here to see other videos from our team. Our Standards: The Thomson Reuters Trust Principles. All quotes delayed a minimum of 15 minutes. 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We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. (Reporting by Sudip Kar-Gupta, Editing by Sherry Jacob-Phillips and Jane Merriman), Virus fears push European stocks to worst week since June, Court to decide on Vivendi, Amber calls for Lagardere meeting on Oct. 14, Qatar fund emboldens calls for governance change at Lagardere, Qatari investor backs shareholder push for Lagardere board changes, Vivendi and Amber to go to court over Lagardere's EGM refusal, CHINA SOUTH PUBLISHING & MEDIA GROUP CO., LTD, JIANGSU PHOENIX PUBLISHING & MEDIA CORPORATION LIMITED, Co-Chief Operating Officer & Co-Managing Partner. The number of clients served by it is unknown. Un site du groupe Prisma Media (G+J Network), SUEZ donne rendez-vous à Amber cet automne, Toutes les infos pour investir en toute confiance dans les cryptomonnaies. AOF. Finally, the asset represents a significant portion of the capital employed base of Suez and as a result is a sizable opportunity to reposition the Company.”. Suez: Amber s'invite au capital, attentif à la gouvernance, Google : comment les fondateurs ont su tirer profit de vos données personnelles, Réforme des retraites : le gouvernement donne rendez-vous aux syndicats le 7 janvier, Abonnez-vous à notre newsletter 21 Millions. London-based Amber Capital, which holds 1.9% of the French utility’s share capital, called for Suez to reduce the size of its board of directors and to review its portfolio of assets. AOF peut être joint à l'adresse suivante aof@optionfinance.fr A welcome email is on its way. La capitalisation d'Engie (ex-GDF Suez) est tombée autour de 34 milliards après un plus haut de 98 milliards en 2008. https://www.capital.fr/entreprises-marches/suez-donne-rendez-vous-a-amber-cet-automne-1345109, Ne manquez pas nos informations exclusives en vous abonnant aux, © 2020 Prisma Media - Tous droits réservés This firm has 21 employees, of which 9 are employees in advisory roles. Ce contenu a bien été ajouté à vos favoris dans votre profil ! De plus, les décisions gouvernementales sont différentes d'un pays à l'autre : si la Pologne subventionne ses centrales à charbon, l'Allemagne au contraire va accompagner à hauteur de 40 milliards d'euros les collectivités et les acteurs pour une sortie progressive du charbon d'ici à 2038. The strategy enhances value creation for stakeholders over the coming four years, with results as early as 2021. - Agressivité de la concurrence, notamment espagnole et coréenne et arrivée de nouveaux opérateurs –équipementiers industriels ou conglomérats asiatiques ; - En Europe, pressions tarifaires des autorités publiques et difficultés budgétaires des collectivités locales ; - En Europe, activité eau impactée par le recul des volumes et par la faible indexation des prix, notamment lors des renouvellements de contrats (1/10ème du portefeuille chaque année ) ; - Impact négatif de la force de l'euro contre la livre sterling, le dollar australien et le peso chilien ; - Dette relevée par le rachat de GE Water ; - Rémunération des actionnaires estimée insuffisante par les investisseurs, par ailleurs défiants après une fin d’exercice 2017 décevante. PARIS, July 18 (Reuters) - Shareholder activist firm Amber Capital on Thursday called for a strategy review at Suez , arguing that the French utility had underperformed rivals and could create more value for its shareholders. Logo de Suez. By then Suez expects recurring earnings per share of 0.8 euros (up from 0.47 in 2018). The plans aims to increase the company’s earnings with cost cuts of 1 billion euros per year by 2023, focusing on growth from industrial customers. After years of limited portfolio management, Amber Capital believes the Company needs a thorough portfolio review to rotate out of mature assets and use proceeds to reinvest, delever and buyback shares. “The decision to invest was rooted in the belief that the new management team has a compelling opportunity to unlock value at Suez should it implement a clear strategic reset to reposition the Company,” stated Amber Capital in a statement. CEO Bertrand Camus told the press ‘We will maintain the dividend at 0.65 euro in the next two years and then we want to be able to make it grow in line with earnings, both in terms of earnings per share and recurring cash flows and as soon as the dividend is well covered by results and cash flow’, reports Reuters. Amber Capital continues by saying that due to the stage of maturity of Agbar Spain and its concession model, the natural owners would be financial investors including infrastructure, private equity and pension funds. © 2020 Financial Post, a division of Postmedia Network Inc. All rights reserved. Ces informations sont protégées par des droits de propriété intellectuelle détenus par OPTION FINANCE SAS, éditeur du service d'informations boursières en temps réel AOF, et de ses contributeurs. Late last month U.S. company United Water and Spanish company Agbar surfaced as two potential candidates Suez might be considering for sale. (Reporting by Sudip Kar-Gupta, Editing by Sherry Jacob-Phillips and Jane Merriman). A third focus for development will be technology and digital, currently less than 20% of revenue, which the company wants to grow to 30%. Il estime enfin que la gouvernance de Suez doit être améliorée et que le groupe devrait réduire la taille de son conseil d'administration, rapporte l'agence de presse. Un plan de relance seulement à l’automne ? He began his career at Société Générale New York in 2003 on the risk arbitrage desk within the bank’s equity derivatives division and where he … Amber Capital has highlighted that the appointment of Bertrand Camus as CEO of Suez marks the beginning of a new chapter for the Company, stating the need to position Suez as a faster growing and more profitable business. “Suez needs a strategic reset: The new management team of Suez now has a compelling opportunity in our view to reposition the Company.”, Image: Presentation 'Unlocking the value creation potential of the “New Suez” - Amber Capital. We apologize, but this video has failed to load. The company contemplates changes in its business models: Shaping SUEZ 2030 will be implemented across the Group’s three business segments (new reporting segments will take effect on January 1st, 2020 at the latest): Following on Veolia’s footsteps, Suez will target international revenues and industrial customers, becoming less reliant on municipal customers. Amber Capital said it had sent a letter on July 18 to Suez’s management, outlining its demands, as activist funds such as Elliott and others target companies across Europe. Amber Capital is an alternative asset management firm that primarily invests in Europe and has approximately $1.6 billion … We encountered an issue signing you up. In response, Suez – in which French utility Engie has a 32% stake – said a strategy review was already underway and would be presented in the autumn. Dans un communiqué cité par l'agence de presse, le fonds basé à Londres indique avoir envoyé un courrier aux membres du conseil de Suez, les invitant à "réveiller la belle endormie" et à mettre fin "à la destruction de valeur". Retrouvez ce contenu plus tard en appuyant sur ce bouton. In order to position itself for the next decade, Suez has identified three main drivers in its plan: selectivity, simplicity, and engagement with customers and from employees. Le numéro deux mondial des services à l'environnement a assuré qu'une nouvelle stratégie était actuellement à l'étude et que cette dernière serait dévoilée à l'automne, vient de révéler Reuters. Read more about cookies here. The plan outlines the company’s vision, to become a global leader in environmental services by 2030. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. After years of poor share price performance under the tenure of the outgoing management team, Amber Capital argues it is time for change at Suez, creating more value for its shareholders. There was an error, please provide a valid email address. Quant à EDF, sa valorisation avoisine les 40 milliards d'euros, contre un point haut à 155 milliards en 2007. Ce contenu a bien été retiré de vos favoris. PARIS — Shareholder activist firm Amber Capital on Thursday called for a strategy review at Suez , arguing that the French utility had underperformed rivals and could create more value for its shareholders. Par conséquent, toute reproduction, copie, duplication, modification, transfert, rediffusion, traduction, exploitation commerciale ou non, création de lien hypertexte ou réutilisation de quelque manière que ce soit de ces informations sont soumis à l'accord préalable et écrit d'OPTION FINANCE SAS et de ses contributeurs. "Suez needs a strategic reset: The new management team of Suez now has a compelling opportunity in our view to reposition the company," Amber Capital said in a statement. Amber Capital said it had sent a letter on July 18 to Suez’s management, outlining its demands, as activist funds such as Elliott and others target companies across Europe which they feel are underperforming. Choisissez votre pays pour afficher le site web spécifique à votre emplacement géographique. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Amber Capital believes that Suez’s underperformance is due to poor capital allocation with a highly-capital intensive strategy that is primarily focused on revenue growth at the expense of profitability. Unauthorized distribution, transmission or republication strictly prohibited. - Numéro deux mondial des services à l’environnement, deuxième dans l’eau et quatrième dans les déchets ; - Trois grands moteurs de croissance : l’urbanisation, la gestion de la rareté des ressources, le renforcement des réglementations ; - Métiers (et contrats) de long terme assurant une bonne visibilité et forte barrière à l’entrée en raison de l’intensité capitalistique ; - Stratégie de long terme visant à la consolidation des positions en Europe, développer les places fortes en Chine, Australie et aux Etats-Unis puis à saisir les opportunités dans l’eau industrielle au Brésil, Chine, Proche-Orient et Inde ; - Stricte discipline financière, renforcée au printemps 2017 par l’augmentation de capital pour financer l’achat de GE Water et, début 2018, par le règlement du litige avec l’Argentine ; - Visibilité sur le dividende 2018, au moins égal à celui de l’an passé. Le fonds estime que ce plan peut permettre à la nouvelle direction de Suez de générer une augmentation de la rentabilité des capitaux investis (ROCE) comprise entre 150 et 300 points de base par rapport au ratio actuel qu'il évalue à 6,2%. El fondo de inversión Amber Capital ha recomendado a Suez (de la que posee un 1,9%) desprenderse de Agbar, participada al 100% por Suez Environnement España. “From a financial standpoint, we are of the view that the asset has reached a maturity level that suggests a limited industrial angle for Suez to exploit from hereon.”, “Additionally, the ROCE of the asset per our estimates is significantly below the returns Suez aims to reach with its Growth CAPEX (guidance: WACC + 400 bps) and most importantly below the cost of capital of Suez. (Reporting by Sudip Kar-Gupta, Editing by Sherry Jacob-Phillips). In a statement, the investment fund Amber Capital, which holds a 1.9% stake in Suez, said: "The management laid a solid foundation with the ambition of a leaner Suez focused on bottom line growth, asset rotation and shareholder returns; however, they now need to deliver on disposals swiftly and demonstrate the higher organic growth profile they can achieve on the new perimeter. “After years of limited portfolio management, Amber Capital believes the company needs a thorough portfolio review to rotate out of mature assets and use proceeds to reinvest, delever and buy back shares,” added Amber Capital. La valeur boursière des grands utilities européens a fondu sur les dix dernières années. London-based Amber Capital, which holds 1.9% of the French utility’s share capital, called for Suez to reduce the size of its board of directors to between 12 and 14 from 19 at present, and to review its portfolio of assets. We ask you to keep your comments relevant and respectful. With this move, the waste and water utility responds to pressures from activist fund Amber Capital, who accused the group of underperformance and called for a strategic reset of the business last July. (AOF) - Suez n'a pas tardé à réagir aux demandes du fonds activiste américain Amber, qui détient environ 1,9% du capital. Finally, Amber Capital proposes Suez to reduce the size of its board from 19 directors to the industry average of between 12 and 14 in order to allow for a leaner, more agile corporate governance. Amber Capital believes that Suez’s underperformance is due to poor capital allocation with a highly-capital intensive strategy that is primarily focused on revenue growth at the expense of profitability. Banques, celles qui vont vous faire payer ... et les fair-play / Innovations : bientôt un monde sans plastique ? Amber Capital has also called on French media company Lagardere to do more to boost shareholder value, while Elliott has targeted companies such as drinks group Pernod and tourism and insurance company Saga. - Activités fortement consommatrices de capitaux : secteur présentant traditionnellement un niveau d’endettement élevé et donc une sensibilité aux taux d’intérêt ; - Feuille de route développement durable 2017-2021 avec 4 priorités : être une entreprise collaborative, être leader de l’économie circulaire et bas-carbone, accompagner les clients avec des solutions concrètes et contribuer au bien commun ; - Réalisation des ambitions de Water Technologies & Solutions, nouvelle branche née de l’intégration de GE Water : 3 Mds€ de chiffre d’affaires d’ici 2020 ; - En France, impact du plan de relance des investissements de lutte contre les fuites d'eau (le réseau français est vieux de 150 ans) et, en Chine, 1er marché mondial du traitement des déchets toxiques, poursuite des gains de parts de marché; - Programme d’économies de coûts de 200 M€ entre 2018 et 2020 ; - Rumeurs persistantes autour du capital où Engie (33,6 % des titres) pourrait ramener sa position vers les 20 %, après l’entrée de l’espagnol Caixa Group (5,7 %). Mr. Fortesa joined Amber Capital at inception in 2005. The company would like to increase the share of revenue from outside the EU from 38% in 2018 to 60%, and increase the share from industrial customers from 41% to 50%. Amber Capital has also called on French media company Lagardere to do more to boost shareholder value, while Elliott has targeted companies such as drinks group Pernod and tourism and insurance company Saga. 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Amber propose une revue stratégique pour un "Nouveau Suez", reposant sur "plus de croissance, de meilleurs retours et un levier financier moindre". ​Adding that this rotation would allow the “New Suez” to enjoy higher growth, higher returns and a lower leverage. Amber Capital LP is legally known as AMBER CAPITAL LP. Camus told reporters that ‘The plan is to focus our financial resources on these three axes, the rotation of our assets will help us reconfigure our portfolio’. According to the alternative asset management firm, nearly 11 years later, Suez’s share price still trades below its IPO price of €14.0/Share2. Amber Capital said it had sent a letter on July 18 to Suez's management, outlining its demands, as activist funds such as Elliott and others target companies across Europe. The company said in a press release that businesses accounting for 15-20% of capital employed have been identified for portfolio rotation, but declined to comment on potential assets to be sold. In a letter sent at the end of July, Amber Capital recommended the France-based utility company dispose of Spanish Agbar. Abonnez-vous à la newsletter 21 Millions. Amber Capital est un fonds d'investissement activiste, fondé en 2005 par Joseph Oughourlian et basé à Londres. Please try again. Shareholder activist firm Amber Capital has proposed a strategy review at Suez saying the new management team should undertake to get the Company back on a path of value creation. Retour à la page d'accueil. OPTION FINANCE SAS collecte ses données auprès des sources qu'elle considère les plus sûres. (AOF) - Suez n'a pas tardé à réagir aux demandes du fonds activiste américain Amber, qui détient environ 1,9% du capital. Carrying out an in-depth research based on historical data to review Suez’s performance and strategy over the past decade, Amber Capital called for Suez to make numerous changes. At Amber Capital, he became Managing Partner in 2017 and Portfolio Manager in 2018. Les informations AOF reproduites sur Capital.fr sont extraites du service d'informations AOF. In response, Suez - in which French utility Engie has a 32% stake - said a strategy review was already underway and would be presented in the autumn. "After years of limited portfolio management, Amber Capital believes the company needs a thorough portfolio review to rotate out of mature assets and use proceeds to reinvest, delever and buy back shares," added Amber Capital. “Suez needs a strategic reset: The new management team of Suez now has a compelling opportunity in our view to reposition the company,” Amber Capital said in a statement. Comments may take up to an hour for moderation before appearing on the site. London-based Amber Capital, which holds 1.9% of the French utility’s share capital, called for Suez to reduce the size of its board of directors and to review its portfolio of assets. The London-based investor had bought a little over 1 per cent of the French water utility business last December, putting the fund in the top 10 of Suez’s shareholders. Execution will be key for the new Suez to prosper.". London-based Amber Capital, which holds 1.9% of the French utility’s share capital, called for Suez to reduce the size of its board of directors to between 12 and 14 from 19 at present, and to review its portfolio of assets. If you don't see it please check your junk folder. Le capital de SUEZ est réparti de manière équilibrée entre les différents actionnaires. Amber Capital, which holds 1.9% stake in Suez, has sent a letter and a presentation to the members of the Board of Directors of Suez, outlining its demands, including reducing the size of its board and reviewing its portfolio of assets. In addition, the CEO’s annual variable compensation plan should be improved by including ROCE and Earnings per share as remuneration criterias instead of Revenues to further align with shareholders’ interests. This advertisement has not loaded yet, but your article continues below. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Image: Presentation 'Unlocking the value creation potential of the “New Suez” - Amber Capital Toutefois les énergéticiens positionnés sur les énergies renouvelables s'en tirent bien. Visit our Community Guidelines for more information and details on how to adjust your email settings.

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