FRENCH MANOEUVRES

* The big story this month is the pending sale of Saur to Séché, the solid waste specialist led by Joël Séché and backed by Caisse des Dépôts, the government-controlled banking group.

The previous owner – venture capitalist PAI partners – seems to have got a good deal. It reportedly paid €980 million for the business two years ago, and the sale price is now said to be in the region of €1.72 million for the equity (debt takes the value of the deal up to €2.3 billion). It will be interesting to see what direction France’s number three water company takes under the leadership of a dynamic entrepreneur like Séché (see story p11).

* Caisse des Dépôts took another investment in the water sector this month – buying out the Veolia and Suez minorities from Eau de Paris (see story p11). The deal was instigated in order to remove the conflict of interest in the awarding of the water services contracts for the city. Presumably Eau de Paris is not concerned that Caisse des Dépôts might now favour Saur in any contract award.

* Suez has been more concerned about securing its interests in Spain this month. After the Easter break it announced that HISUSA, the joint venture with la Caixa which holds 49.7% of Aguas de Barcelona, is making an offer for the remaining shares in the company, with the intention of increasing its holding to around 65%. It is possible to read everything and nothing into this deal. The official view is that the additional shares became available, and Suez and la Caixa decided to act (see story p9). The conspiracy theory is that Suez is looking to secure Agbar ahead of a possible demerger of Suez Environment. Take your pick.