The French saga continues
- From: Vol 4, Issue 10 (October 2003)
- Category: Market insight
- Region: Unspecified
- Country: France
- Related Companies: Apollo Management, Blackstone Group, Goldman Sachs, Nalco, Ondeo/Suez, US Filter and Veolia
Veolia stunned Wall Street last month with news that the company is posting a $2.41 billion loss for the first half and that it is preparing to dispose of a big chunk of US Filter.
The announcement comes on the heels of Suez’s sale of its US-based Nalco. The about face suggests that both Veolia and Suez are retreating from the once prized US market.
Despite the major write down, markets responded favourably to Veolia’s announcement. Veolia’s share price jumped 7% on the day of the announcement and finished September up 14 ...
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