Water, drop by drop, digs the rock, but at first its effect is invisible. The 298 million euros obtained by Suez from the forthcoming sale of its subsidiary Osis to Veolia certainly does not bring the grand jet that investors were waiting for to erode the mountain of 3 to 4 billion disposals scheduled by 2023, especially after recent rumors of interest from Dieter Schwarz, the owner of Lidl and Kaufland, for his waste business in Germany and the Benelux. The latter would potentially be worth ten times more according to Bloomberg (around 3 billion), or 40% of its market capitalization. But with regard to the French outlet for industrial cleaning occupied by Suez RV Osis, there could only be its main competitor, the Société d’Assainissement Rationnel et de Pompage of its enemy brother, to recycle the concept of circular economy in terms of recovery. The 13 years of the 2019 Osis gross operating surplus paid by Veolia seem rather high both in the context of the impact of the health crisis on industrial activities and in view of past transaction multiples (5 , 5 times the EBITDA for Coved taken over by Paprec three years ago). They show a premium of 85% on the seller’s ratio, an elegant way for the buyer to make people forget that if the two eternal rivals have often fought for the same tricolor flower beds, they still remain creators of value, especially in the event of consolidation. The art of making something new with old …
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