Businessman Veyrat could sell Neoen to Engie in return for Engie stake -report

Credit: REUTERS/CHARLES PLATIAU

French businessman Jacques Veyrat, who controls a stake of more than 50 percent in renewables energy group Neoen, could sell Neoen to utility Engie in return for a small stake in Engie, BFM Business reported on its website.

PARIS, May 21 (Reuters) - French businessman Jacques Veyrat, who controls a stake of more than 50 percent in renewables energy group Neoen NEOEN.PA, could sell Neoen to utility Engie ENGIE.PA in return for a small stake in Engie, BFM Business reported on its website.

The report pushed up Neoen's shares by 1.5 percent in early session trading, while Engie's shares fell 2.6 percent. Engie declined to comment on the report while officials at Neoen could not be immediately reached for comment.

Any such deal between Neoen and Engie would likely need the approval of the French government, as the French state holds around 24 percent of Engie's share capital.

BFM Business added that an entry by Veyrat into Engie's share capital could be looked on favourably by the French government, since the government had some concerns that an activist fund may look to target Engie.

(Reporting by Sudip Kar-Gupta and Benjamin Mallet; Editing by Bate Felix)

((paris.equities@thomsonreuters.com; +33)(0)(1 49 49 54 52))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More