{http://www.elconfidencial.com/empresas/2015-02-16/la-caixa-negocia-con-el-gobierno-frances-incrementar-al-10-su-participacion-en-suez_712490/}
La Caixa negotiating with the French Government to increase to 10% its stake in Suez
La Caixa wanted to continue investing in its investment in Suez, but has met with distrust Elysee. His desire was to reach 10% by the French group
La Caixa negotiating with the French Government to increase its presence in the French multinational Suez Environnement . However, the aim of raising the bet by the Catalan firm has met with distrust Elysee. Financial sources have explained that the Spanish company wanted to reach 10% by the French group, but so far has failed to breach the usual corporate protectionism that the government of the neighboring country has with its large corporations.
The issue is settled between three protagonists: a Catalan, President of La Caixa, Isidre Faine ; French, president of Suez, Gérard Mestrallet , who Faine has an excellent relationship; and a Frenchman of Catalan origin, Manuel Valls , who is the limit has to attempt to La Caixa to consolidate its position in Suez.
Suez is a giant bill more than 14,600 million annually with the water business and environmental management. It is highly internationalized, to the point that only 36% of their business is for the French market, and one of his main interests is Agbar.
So Faine wanted to take the recent exchange of 24.4% of Agbar which partly changed by a significant package in Suez, slightly above 4% - to continue growing in the French conglomerate. The deal agreed initially expected that La Caixa could reach 7% in the capital of the French multinational water treatment and environment.
But Faine wanted more, as part of international diversification of Criteria , the holding of subsidiaries of La Caixa not hang directly from CaixaBank, such as packages Natural Gas , Saba or Abertis , for example. Official sources of La Caixa have declined to comment on the plans of Spanish group Suez and how they were received by the French Government.
While Mestrallet agreed to strengthen their alliance with a group like La Caixa, which in industrial issues thinking long term, the French government has considered the operation Spanish excessive prominence in one of the crown jewels of French capitalism, and investment has been average. La Caixa gained from the sale of 24.4% total additional 299 million in cash, contingent on related investments, including reach 7% of Suez. However, the participation of Criteria has been limited so far to 5% of the French group .
Second shareholder
Despite political constraints, La Caixa has become the second largest shareholder of Suez. Its 5% are valued at market prices by more than 430 million . The first shareholder of Suez Environnement is the energy giant GDF Suez, with 35.7%. But 33.6% of GDF is still owned by the French state , which in the end the French government has much to say on what occurs in the shareholding of the company.
Faine is on the board of Suez since October last year but has fallen short of its goal, which was more involved. In addition, since July, when the agreement to redeem the securities of Agbar by Suez was announced, shares in French group have risen 14% , which has lost some opportunity cost.
The operation has some fringe. So, Criteria Agbar has bought 15% of Aigues de Barcelona Mixed, the company that controls the entire supply management metropolitan water of the Catalan capital and surrounding municipalities by 50.5 million euros. That appreciates this company 336 million euros . The majority shareholder of this company is the Agbar own, with 75% of capital. Another fringe is to buy Suez 15% of Aguas de Valencia, which Criteria would remain the minority shareholder of that company.