Veolia-Suez: individual shareholders tackle Bruno Le Maire
By Pierre-Henri de Menthon on 02.11.2021 at 07:30
3 min read
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INTERVIEW - With its 120,000 members, the Federation of Individual Investors and Investment Clubs is emerging in the war between Veolia and Suez. To criticize the positions of Minister Bruno Le Maire. Its president, Charles-Henri d'Auvigny, explains himself.
Charles-Henri d'Auvigny chairs the main shareholder organization in France with 120,000 members (out of 3.5 million shareholders). Created in 1969, the Federation of Individual Investors and Investment Clubs is part of the savings commission of the Autorité des marchés financiers.
Challenges - Bruno Le Maire denounced the hostile nature of Veolia's takeover bid for Suez. How do you react?
Charles-Henri d'Auvigny - On this Suez issue, as with Carrefour, we are asking the question of principle of knowing who owns these companies: the State or the shareholders? Why ban something a priori, when the shareholders are not yet pronounced. Who says that Suez shareholders want to sell their shares to Veolia? Why would the state decide on the allocation of shares owned by investors. We can understand this on strategic issues defined in advance, such as defense, agri-food, health ...
What is the position of your federation on the Veolia-Suez file?
The federation does not have to take a position. It is up to the shareholders to decide, knowing all the proposals. Each party has the opportunity to offer its solutions for the development of their project. All stakeholders: employees, customers, suppliers, shareholders can have their say and ultimately it is up to the shareholders to decide. They are the ones who invested in businesses. They have the right to insure their investment.
Are you going to give voting instructions at the next general assembly in Suez?
I repeat, between Veolia and Suez, the federation does not have to give advice. We never have and we won't. On the other hand, we can allow the two players to express themselves to our 120,000 members, some of whom are undoubtedly shareholders of these companies.
Does the state’s position surprise you?
Yes, because at a time when the State wants the French to participate in the development of companies by providing the equity they need to get out of the crisis, these declarations on Carrefour and Suez are not a good signal since the State can decide a posteriori to whom to sell and when. It is important for the French who are going to put part of their savings in companies to know whether they will be free to invest. You have to know this in advance.
Are you hostile to the concept of strategic business?
When Arnaud Montebourg spoke about strategic companies, the criteria were simple and understandable: was France dependent on a single supplier? Was the defense concerned? France had a technological advance… We need simple rules which do not change according to events and political considerations.
Is the current government hostile to individual shareholders?
The state had stabilized taxation and this allowed the arrival of new investors, particularly in the stock market. Why create uncertainties, when shareholders need precise and lasting rules of the game?