Veolia Environnement S.A.

Suez's water and waste operations (excluding hazardous waste) in France; Suez's "Smart&Environmental Solutions" business unit; Suez's Municipal Water Operations in Italy, Czech Republic, and Africa (where Suez also has waste operations); Suez's water and design and construction activities in China; and We expect Veolia to launch its full takeover offer for Suez in the first quarter of 2022. Veolia will now seek regulatory approval, notably at the European Commission level, which we understand could be provided in fourth-quarter 2021. The stable outlook on French water, waste, and energy group Veolia Environnement SA factors in our expectation that Veolia can offset the proposed cash outlay of about €9.3 billion to purchase the remaining 70.1% stake in Suez. To this

...The Veolia Environment S.A. (Veolia) -Suez merger now has a clear path ahead, with anti-trust approvals being the key milestone. On April 12, 2021, Veolia and Suez reached an agreement allowing a merger, with a transaction perimeter that was defined on May 14 and made public on June 29 with the filing of the cash tender offer. Veolia and Suez have clearly defined the perimeter of the "new Suez" that will be sold to the financial consortium (notably Meridiam and Global Infrastructure Partners), with 7 billion of revenues that will be sold through a put option for a total amount of between 9.5 billion-9.8 billion, which is roughly 1.0 billion higher than our initial expectation. Key assets that will be sold include: + Suez's water and waste operations (excluding hazardous waste) in France; + Suez's "Smart & Environmental Solutions" business unit; + Suez's Municipal Water Operations in Italy, Czech Republic, and Africa (where Suez also has waste operations); + Suez's water and design and construction...

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