French state fund bid for water company Saur

20th March 2007, Comments 0 comments

PARIS, March 19, 2007 (AFP) - A French consortium led by state financial body Caisse des Depots is in exclusive talks to buy French water group Saur for a minimum 1.72 billion euros (2.29 billion dollars), the current owner of Saur, investment fund PAI Partners, said Monday.

PARIS, March 19, 2007 (AFP) - A French consortium led by state financial body Caisse des Depots is in exclusive talks to buy French water group Saur for a minimum 1.72 billion euros (2.29 billion dollars), the current owner of Saur, investment fund PAI Partners, said Monday.

Saur is France's third-biggest water and sanitation group which was bought by PAI Partners for 1.037 billion euros in November 2004.

Last week, the Association of French Mayors had issued a statement warning of "the worries of a number of mayors" that Saur would be bought by "an Australian pension fund."

French newspaper Le Figaro had reported that Australian bank Macquarie was interested in buying the group, which is the third biggest of its kind in France after Suez and Veolia Environnememt.

PAI said it had entered exclusive talks with the consortium for the sale of its interest in Saur "on the basis of an equity value of 1.72 billion euros for 100 percent of the shares."

The consortium is 47-percent owned by CDC, while French waste treatment group Seche Environnement owns 33 percent and an investment fund run by French insurance group AXA controls another 20 percent.

Copyright AFP

Subject: French news

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