PARIS (Agefi-Dow Jones) – The engineering company Spie announced Monday that it had filed a non-binding offer with Engie to buy Equans, its multitechnical services business.

In reaction to the announcement of the filing of this offer, the amount of which has not yet been communicated, the Spie share falls 4.1% to 19.71 euros, and shows the largest decline in the index SBF 120. “The market is questioning Spie’s ability to integrate this large vehicle,” observes an analyst based in Paris.

“In accordance with its financial discipline, Spie envisages a balanced financing structure, combining debt and equity, calibrated so as to preserve the strength of the group’s balance sheet,” the company said, however.

Spie plans to finance this possible acquisition, in particular through an equity contribution from Bpifrance and Clayton Dubilier & Rice and a capital increase providing for the maintenance of the preferential subscription right.

“The prospect of a capital increase, to finance an acquisition which could be concluded for an amount close to 6 billion euros, also weighs on the share price of Spie”, adds the same analyst.

“This non-binding offer is part of a competitive process and remains subject to confirmatory due diligence”, added Spie. The engineering group also explains that this project and its financial structure would allow it to record solid growth in its net earnings per share as soon as the transaction is finalized.

Owned by Engie, Equans brings together a wide range of installation and maintenance services in electricity, heating, ventilation and air conditioning, refrigeration, mechanics and robotics, digital and general services (” facility management “).

Based on 2019 data, the company achieves annual revenue of around 12.5 billion euros and current operating income of 350 million to 450 million euros. It is present in 17 countries and employs 74,000 people, including nearly 26,000 in France, representing more than 40% of Engie’s workforce.

When presenting its results for the first half of the year last July, Engie indicated that it was continuing to “examine all options” concerning the development of the shareholding structure of Equans, which is the subject of a review. “strong interest”. “Engie expects to be able to provide updated information during the second half of the year, with the completion of this transaction expected in 2022,” the group added last month.

Spie falls on the stock market after filing its offer to buy Equans from Engie | Dow jones

Spie falls on the stock market after filing its offer to buy Equans from Engie | Dow jones

Bouygues and Eiffage will independently present an offer to acquire Equans to Engie | Dow jones

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Bouygues will present an independent takeover offer to Engie for Equans | Dow jones

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SPIE:
Spie falls on the stock market after filing its offer to buy Equans from Engie

SPIE:
Spie falls on the stock market after filing its offer to buy Equans from Engie

Ref: https://investir.lesechos.fr