Suez boss gets helpful kick in derriere from Amber rob1cox gfhay
Activist Amber Capital on July 18 called for a strategy review at Suez, arguing that the French utility had underperformed compared with rivals and could create more value for its shareholders.
Calling for a “strategic reset”, London-based Amber, which said it holds 1.9% of the French utility's share capital, called for Suez to reduce the size of its board of directors to 12-14 from 19 at present, and to review its portfolio of assets to “rotate out of mature assets and use proceeds to reinvest, de-lever and buy back shares”.
Amber Capital thinks Suez could enhance return on capital employed by between 150 and 350 basis points above its current 6.2% level. Suez – in which French utility Engie has a 32% stake – said a strategy review was already underway and would be presented in the autumn.
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