The delisting and termination of registration of the Paris-based utility “should provide cost-savings and eliminate certain additional costs linked to the company’s listing on two exchanges,” VE says, adding that trading of ordinary shares will be concentrated on Euronext Paris.
Veolia Environnement (NYSE:VE) +2.2% premarket, in a move attributed to a 60 Minutes segment last night discussing new evidence that the earth's groundwater is being pumped out much faster than it can be replenished.
So much groundwater has been pumped out of California's Central Valley that the U.S. Geological Survey says parts of the valley are literally sinking.
VE is not specifically mentioned in the 60 Minutes story.
VE says it was chosen by a subsidiary of Hebei Iron & Steel to build a wastewater treatment facility and to recycle and cool water for a coking plant and gas liquefaction facility in a corridor linking two major regions of northeast and north China.
Veolia Environnement (VE) agrees to sell its water, waste and energy activities in Israel to global fund manager Oaktree Capital Management, as part of its strategy to refocus on less capital intensive businesses.
Specific terms were not provided, but VE says the sale will allow it to cut its debt by ~€250M (~$341M).
Veolia Environnement (VE) CEO Antoine Frerot forecasts that the company's sales from treating waste water from mining and metals will double to €1.5B ($2.1B) by 2020. The market is seen rising to over €20B from €13-14B currently.
Veolia is targeting the mining and metals sector - the world's second-largest user of water - as part of a strategy to generate half its revenues from industry to offset falling margins and revenue at the company's municipal-water operations.
Around 70% of new projects at the big six mining firms are in areas that suffer from water shortages.
And Veolia reckons it can recover minerals from the waste water as well as treating it.
A person proposed by shareholders seeking to replace Frerot says he is not a candidate for the position, and the French government, VE's largest shareholder with a 9.3% stake, reportedly is prepared to support Frerot at the board meeting.
VE has been hard hit by the economic crisis in Europe, and shares are trading at a fifth of their value six years ago.