Administrators may even have to decide as early as this weekend on principle

The first bulwark was not enough. Nearly six weeks after the announcement of its merger with France gas, the Suez group must make clearly: it is still not free from a hostile raid from Italy. Judging by the excitement shown these days, the Enel threat remains even taken seriously by the mother House of Electrabel and the Lyonnaise des Eaux.

While the rumor ready to the transalpine electrician intend to launch its offensive after the legislative elections of Sunday and Monday, Suez strives to build the most effective protection possible. To counter a possible attack to Enel, his last idea would be to implement an anti-OPA device, as authorized by the new Act to protect French companies of hostile bids. Under this text, published April 1 in the "Official Journal", a business by a non-friendly takeover bid may now issue bills (BSA) stock at a preferential price, to increase its capital in haste, so to add the cost of its acquisition.

According to the "Wall Street Journal Europe", Suez might take advantage of its General Assembly, on 5 may, for a device of this type to the approval of its shareholders. For any comment, the group chaired by Gérard Mestrallet was content, yesterday, to indicate that the resolutions submitted to the vote of the shareholders would be communicated at the beginning of next week. Good source, it suggested however that the BSA to issue was well under a reflection within the company. Administrators may even have to decide as early as this weekend on principle.

If it were to see the day, this "poison pill" would be the last "weapon of deterrence" imagined by Suez. Over the weeks, the Franco-Belgian group has progressively hardened the tone the threat of Enel. First publicly urging the President of the authority of des marchés financiers (AMF) that he asked the Italian electrician to clarify its intentions. Then entering the European Commission to "draw his attention" on the "surprising and unbalanced" situation in which lies the potential aggressor.

Withdrawal of the title

In a letter to the European Commissioner in charge of the internal market and Services Charlie McCreevy, Suez has recently noted that he could not, even if he wanted to launch a counteroffer at his assailant. "Contrary to the provisions governing freedom of movement of capital in the domestic market, note the group, the Italian State has exorbitant rights on Enel to prevent any change of control of the capital, including limiting to 3 the percentage of capital and voting rights that can hold any other shareholder."

The approach, said in the entourage of the Suez, have been well received in Brussels. It was much less popular among advocates of an OPA of Enel, who like some time to emphasize "the behaviour of hunted beast" energy and services group. The immediate resistance offered by the Franco-Belgian group appears to have had to result to calm speculation of investors: on the past five sessions, the Suez action displays a decline of 1.15 of the Paris stock exchange. It closed yesterday at 32.68 euros, down 0.24 against the previous day.