It is surprising that Veolia communicates also clumsy way noted a dealer

The idea fomented by Veolia and its CEO Henri Proglio, closer to da Vinci will run out. The operation, announced last Wednesday and submitted to the financial market Thursday evening, had its epilogue this weekend. After meeting Saturday morning the President of Vinci, Yves-Thibault de Silguy, Henri Proglio announced officially that he renounced his project, "at the apparent unwillingness of management of da Vinci", he said yesterday at the "echoes". "The shareholders of both companies have lost the opportunity to benefit from important synergies between the two groups that we had encrypted between 700 and 800 million euros", regret - it.

The transaction was not committed. Vinci has from the outset expressed its hostility, seeing "no synergy" between the two trades, "as the showed already the cohabitation of the entities in the ex-Générale of the waters", summarizes in the entourage of the group. Especially, the owner of the Autoroutes du Sud de la France (ASF), did not see a very good look at the arrival of Veolia to get their hands on the "cash", generated by the grant. "The idea of creating a company of significant size is interesting, but da Vinci did not need", adds a record close. Apart from the brief interview of the respective Presidents of Veolia and Vinci Saturday morning, two directions is never met. "The Board of Directors is not met to discuss the matter because nothing was put on the table by Veolia", said a Director of da Vinci. The group led by Xavier Huillard would have as little appreciated from Veolia return on the carpet of a project already rejected by its former President, Antoine Zacharias, ousted recently. After his stormy departure, Veolia has been in a position to be accused of wanting to take advantage of the destabilization of the group. "But the Council is more caring than ever and Vinci is not weakened," response on the group. Planned for a long time, the managers of Vinci convention stood, accident of the calendar, this weekend between Bari and Venice. It ended with an enthusiastic ovation at the location of the new tandem Yves-Thibault de Silguy and Xavier Huillard.

Communication "clumsy".

To the lack of understanding of the market, within a week the Veolia title has accused a decline of 15, services environmental group never succeeded in repairing the bar. Friday morning after the telephone conference held the day before by Henri Proglio to detail the operation, analysts remained puzzled. "It is surprising that Veolia communicates also clumsy way," noted a dealer. And very few were able to justify the relevance of this approximation in "the total absence of exchanges between the managements", as highlighted in a study of CM - CIC.

Veolia, whose debt today amounts to more than 11 billion euros, could indeed consider the approximation with an exchange of securities. But the fall of the prices would have obliged him to review the parity for the exchange of 1 title Vinci for 2 titles Veolia, raising its offer. A solution of withdrawal with a financial partner was not part of its plans. "Would have had to dismantle the company by separating the construction of the concession and is absolutely not our goal," says Veolia. In the end, "the reaction of markets weighed heavy in the battle", recognizes the group.

After the failure of the talks started with Enel to be closer to Suez, the leader of Veolia signs here his second misstep. "I can already hear ironic comments." But it should not be mistaken target, our idea was to create a global leader in the management of infrastructure and services to the environment in a context of rise of the public-private partnerships around the world. "Veolia is a company in full form and we will continue our path," said yesterday evening Henri Proglio.