The patron Isabelle Kocher wants to create a giant of the services to the energy. An idea that crystallizes tensions internally. His rival Veolia follows the record closely.
Engie seeks to recreate an environmental giant. According to several sources close to the group, her boss Isabelle Kocher wants to regain control of Suez, the water management subsidiary whose Engie (eg GDF-Suez) holds 33%. A project that has been ripening for several months. Last summer, she made the tour of the leading candidates of the right and middle school to introduce her idea of "creating a major player in energy services around electricity, gas and electricity. Water "explains a close friend of one of the pillars of the primary. After Nicolas Sarkozy, Isabelle Kocher met Alain Juppé in June, although he was advised by his former rival Jean-François Cirelli, the former number two of Engie. After trying to see them again, she "sold" her project to François Fillon in September. "To each one, it unfolded its plan consisting in fine to regain control of Suez" decrypts another adviser of one of the three candidates. A political blank is essential while the state holds 33% of Engie. The group will decide on the future of Suez after the presidential election and by the end of 2018.
There are, however, some obstacles in his way. Buy Suez would cost about 5 billion euros. "It wants to invest part of the 15 billion euros of announced sales but it does not have enough money to do all these jobs," notes a banker close to Engie. One of the ideas would be to resell the activity "cleanliness" (Sita) of Suez to limit the invoice. Then, to tie the water management professions to Ineo, the fashionable energy saving subsidiary, to take advantage of Suez's commercial links with the cities. A few months ago, Isabelle Kocher entrusted the management of Ineo to Yann Rolland, an elder of ... Suez. Contacted, the management of Engie did not wish to comment on the information of BFM Business. Suez did not want to answer.
Heavy internal opposition
Another pitfall on his path: internal resistances. They are strong because Suez's general manager, Jean-Louis Chaussade is fiercely opposed to such an operation. This would also be the case for Gérard Mestrallet, president of both Engie and Suez, an unavoidable figure in such a project. "This project around Suez crystallizes the tensions between Kocher and Mestrallet" assures a close of the group. In recent months, there is a rumor that the president of Engie would like to separate from his director general, whom he has nevertheless knighted for three years.
Still, such a project resonates with competitors. The great rival Veolia follows suit closely. "His bankers have not waited to reveal the schemes of merger with Suez that they had arranged for two years," testify several sources close to Veolia who assure that there is no discussion. However, this option is still very complex in terms of competition. "It would make sense internationally," said Veolia, who is close to Veolia's management, "but it would create governance problems." The "double president" Gérard Mestrallet would also be opposed here. Ready to do everything to counter the projects of Isabelle Kocher, he would even imagine an improbable alliance between Suez and the great rival EDF. A financial meccano of which he alone has the secret.