Suez and the Caltagirone group enter into an industrial alliance through Acea. The French company will buy a further 10,8% of Acea from the group headed by the Roman entrepreneur, thus rising to 23,3% of the Capitoline company. The transaction will take place through a reserved capital increase of the French group. In turn, 3,5% of the Suez share capital will pass to the Caltagirone group, which will thus become the third largest shareholder of the French multinational water services and waste management company.
Suez, which last year made a profit of 400 million on a turnover of 15 billion, is present in 70 countries. 10,8% of Acea, at average prices for the last year, is valued at over 275 million euro. The operation is part of a "long-term industrial cooperation project" between the two groups.
In the first six months of the year, Suez recorded a net profit rising by 23,7%, to 174 million, above analysts' estimates, and a turnover of 7,45 billion. Ebitda fell to 1,27 billion (-1,7%). The group also announced its commitment to further cut costs this year by another 30 million.
