UPDATE: Veolia: Eying Transdev With View To Transport Spinoff
June 09 2009 - 5:06AM
Dow Jones News
French water, waste, transport and energy services group Veolia
Environnement SA (VE) Tuesday confirmed its potential interest in
the urban transport company Transdev, with a view to floating a
public transport spinoff.
"Veolia Environnement is interested in any situation entailing a
change in the share ownership of Transdev," the company said in an
emailed statement.
"Veolia Environnement's objective would be to create a new
global leader in mass passenger transit," the company said, adding
that it would remain the "industrial operator" of the new group,
alongside the French state-owned investment business Caisse des
Depots et Consignationsor CDC.
"The new group arising out of the merger of the two units would
seek a stock market listing as soon as conditions permit," Veolia
said. The company didn't give precise details of which of its own
assets would constitute the "unit" that would merge with
Transdev.
A spokesman for the company didn't immediately reply to a
request for more information on that subject.
The CDC has a 69.6% interest in Transdev, according to
Transdev's annual report. The Regie Autonome des Transports
Parisiens, state-owned operator of the Paris metro, has 25.6% and
the Italian bank Intesa San Paolo SpA (ISP.MC) has 4.8%.
French newspaper Les Echos reported earlier Tuesday that Veolia
and compatriot transport group Keolis both have expressed interest
in a potential tie-up with Transdev.
Insurance company AXA SA (AXA) and the Caisse de depot et
placement du Quebec hold a joint stake of 52% in Keolis. French
state-owned train operator, the SNCF, has 45.5%.
Company Web site: www.veolia.com
-By Adam Mitchell, Dow Jones Newswires, +33 1 40171756;
adam.mitchell@dowjones.com