Suez Completes Acea Deal

French water utility Suez announced September 22 it had completed its acquisition of an extra 10.85% stake in Rome-based power and water utility group Acea, in return for 20mn newly-issued Suez shares; the transaction was first announced on July 29.

Italy's Caltagirone Group, which divested the Acea stake to Suez, thus becomes a 3.5% shareholder in Suez and commits to hold the stake for four years and may later increase it to 6%. Suez now holds 23.33% of Acea’s share capital, directly and indirectly through its Suez Italia subsidiary, making it the second largest shareholder after the City of Rome which owns 51%. Acea primarily supplies power and water, but also markets gas to householders.

France's Engie, itself 32.76%-owned by the French government, has retained a 33.7% stake in Suez since it was spun off in 2008. In that year, Suez's energy businesses were merged into Engie, which then was called GDF Suez.

Mark Smedley