This Thursday, September 16th is full of news for several French groups, including the Veolia group. The latter has indeed launched its capital increase with the aim of buying its competitor Suez. But we will also follow other stocks including Lagardère following Vivendi's announcement to buy the Amber Capital fund's stake in the publishing group and then launch a takeover bid for the rest of the capital. Explanations and details of these two news.
On May 14, the Veolia and Suez groups signed a historic merger agreement that will lead to the creation of a world leader in ecological transition. The agreement in question was put into effect with the opening on July 29 of a takeover bid for the 70.1% of Suez's capital that is not yet held by Veolia.
As part of this takeover, the Veolia group announced the launch of a cash capital increase with the maintenance of shareholders' preferential subscription rights for an amount equivalent to 2.5 billion euros including the issue premium.
The price set for this subscription is €22.70 per new share, which represents a discount of 19.1% compared to the theoretical value of the share ex-rights based on the closing price of the share on September 14, 2021, i.e. €29.06.
Thus, the proceeds of the capital increase will partly finance the public tender offer for the remaining 70.1% of Suez shares for a total amount of nearly €9 billion.
The capital increase is part of a global financing plan which also includes the expected proceeds from the sale of the new Suez to the consortium of investors consisting of Meridiam, GIP and CDC / CNP Assurances for an enterprise value of 10.4 billion euros.
As for the Paris stock market, it should experience new rebounds today, after having ended at its lowest level since the end of July, in the wake of the American rebound on Wall Street and despite the continued decline of the Asian market.
Investors will be particularly interested in Lagardère after Vivendi announced its intention to buy Amber Capital's stake in the publishing group and then launch a takeover bid for the remaining shares.
Several important economic releases are also expected today with three U.S. data including retail sales, jobless claims and the Philadelphia Fed's activity index.
On Wednesday, the three major U.S. stock market indexes regained points with the best session since August for the S&P500, boosted by the energy sector and several statistics giving hope that the U.S. economy remains on the right track.