The perimeter of the operation is stopped

Billionaire François Pinault is in the "back" to achieve one of the biggest shots of his career. About ten times that produced during the creation of Artemis and the purchase Credit Lyonnais of the portfolio of "junk bonds" (risk obligations) of Executive Life beginning 1992. According to our information, the businessman is ready to be EUR 18 billion on the table to resume the pole water, waste and Suez energy services. In other words, to recreate the ex-Lyonnaise of the waters, now part of the conglomerate. The terms are defined, the funding. Businessman expects more than the launch by Enel, his ally in this operation, the hostile OPA on Suez to which Italian has been working for months.

Click done in the spring. The Managing Director of Enel, Fulvio Conti, seeks an ally in France for his recéder a share of the assets of Suez. The transalpine giant wants to get their hands on the pole energy, for the most part its fleet of nuclear power plants in Belgium. However, he considers its "non-strategic" environmental pole Unless this is... politically too sensitive: the ex-Lyonnaise, which provides service in water to a quarter of the French population, was not directed, for decades, by Jérôme Monod, one of the advisors of Jacques Chirac in the Elysee Palace

Long, Fulvio Conti believed found the ideal partner in Veolia Environnement. But the latter made him false bond, Matignon was the message to its Chairman, Henri Proglio, that he rejected any dismantling of Suez. It is Dominique de Villepin, in person, announced February 25 the fusion of this group with gas of France. Enel then attempts to approach all that Paris has investment fund French, likely not hit the "economic patriotism" theorized by the Prime Minister. Wendel investment nor Eurazeo give suite. At the time, Patrick Sayer, the President of the Executive Board of Eurazeo, is even accurate. It was prepared to examine the record only in friendly OPA. Courted, the PAI, owner of the SAUR Fund, is a conflict of interest.

Good profile

Only François Pinault answers now. He has the profile: French, close to Jacques Chirac and Nicolas Sarkozy, long term investor. End of June, his holding Artémis signed an agreement of exclusivity with Enel. End of July, it is renewed until 30 September. The perimeter of the operation is stopped. Is the French candidate for the purchase of the environment (water, waste) poles and services to the energy of Suez, excluding the activities of the Belgian subsidiary Tractebel Engineering. The value of these assets is arrested 18 billion euros, less the debts of the companies concerned.

The teams are at work. Enel (code name Vulcan) is, under the leadership of its financial director Claudio Marchetti, mainly advised by Me Jean-Pierre Martel, of the law firm Orrick Rambaud Martel. François Kayat (Credit Switzerland) plays the bankers advice and, in Italy, Ricardo Bruno (Deutsche Bank) ensures the financing necessary for the future OPA EUR 50 billion. Side Pinault (code name Wind), Gilles Erulin and Gilles Pagniez lead discussions with Italians and bankers under the direction of Patricia Barbizet, the Director General of Artemis. They are advised by Me Bruce Johnston, Leboeuf Lamb Green Cabinet. With the help of Natexis Banques Populaires, they get the London team of Deutsche Bank the necessary funding for the transaction.

Everything is done for that information would leak not. It is often the London staffs of the Councils of François Pinault who are working on the record. But it is Italy that is a first alert. July 25, log "Finanza & Mercati" evokes for the first time the name of the French businessman to resume the role initially assigned to Veolia. Well seen. Since then, François Pinault, funding in your pocket, waits for Enel. And is unnerving, as its Italian partners to the project, the "pusillanimity" of the Board of Directors of the Italian, his hesitations, political pressure that he suffers.

He was not sure that he wait forever. Fire window is favourable. Other Europeans, of E.ON Endesa, could a torch which Italian slow to take. Joined by "Les echos" yesterday, the Group Artémis "refused to comment on rumours".