The story
History
1853–2003: Compagnie Générale des Eaux and Vivendi
On 14 December 1853, a water company named Compagnie Générale des Eaux (CGE) was created by an Imperial decree of Napoleon III. In 1853, CGE obtained a concession to supply water to the public in Lyon, serving in this capacity for over a hundred years. In 1860, it obtained a 50-year concession with the City of Paris.
For a hundred years, Compagnie Générale des Eaux remained largely focused on the water sector. However, following the appointment of Guy Dejouany as CEO in 1976, CGE extended its activities into other sectors with a series of takeovers.
Beginning in 1980, CGE began diversifying its operations from water into waste management, energy, transport services, and construction and property. It did so by acquiring:
Compagnie générale française des transports et entreprises (CGFTE), created from Compagnie Générale Française de Tramways (CGFT) (originally founded in 1875) in 1953. It was absorbed into CGEA Transport (later Connex).
Compagnie Générale d'Entreprises Automobiles (CGEA), which specialized in industrial vehicles and later divided into two branches: The transport division became Connex in 1999 and the waste management and environmental services became Onyx Environnement in 1989. CGEA was created in 1912.
Compagnie Générale de Chauffe (CGC) (and also later the Montenay group in 1986), with these companies later becoming the Energy Services division of CGE, and later renamed "Dalkia" in 1998. CGC was created in 1935.
In 1998, CGE changed its name to "Vivendi", and the following year it sold off its property and construction divisions. Vivendi Environnement was formed in 1999 to consolidate its environmental divisions. Its divisions at the formation of Vivendi Environnement were:
Vivendi Water (only renamed in 1999 - A company governed by French law with a global reach)
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Dalkia (originally CGC and already renamed since 1998)
Onyx Environnement (originally part of CGEA and already branded since 1989)
Connex (remaining part of CGEA )
Vivendi went on to list on the New York Stock Exchange (as "V"), and in December, announced a major merger with Canal+ and Seagram, the owner of Universal Studios film company, to become Vivendi Universal and now named Vivendi.
In July 2000, Vivendi Environnement was divested through IPOs in Paris and later New York in October 2001). Initially, Vivendi Universal retained a 70% stake in Vivendi Environnement in 2000, but by December 2002, it was reduced to 20.4%. In 2003, Vivendi Environnement was renamed to Veolia Environnement.
2003–2020
As a result of Vivendi Environnement spinning off from its parent Vivendi Universal in 2002, in 2003, Vivendi Environnement was renamed to Veolia Environnement. In 2005, the name "Veolia" was established as an umbrella brand for all of the Group's divisions (water, environmental services, energy services and transport) and a new logo was created. The names of the divisions at the time of rebranding were:
Veolia Water (originally Vivendi Water)
Dalkia (no change in name, but became a joint venture with Électricité de France (EDF) in 2000)
Veolia Environmental Services (originally Onyx Environnement)
Veolia Transport (originally Connex)
In November 2009, Antoine Frérot became the chairman and the CEO of the group after succeeding Henri Proglio who was appointed CEO of Électricité de France. The change was part of a huge politico-financial scandal in France as Proglio kept executive positions – and subsequent salary – in both companies until public criticism forced him to give up his Veolia revenues.
Its Veolia Water division remains the largest private operator of water services in the world, providing services across the globe. Transdev (formerly Veolia Transdev) was formed in 2011 from a merger of Veolia Transport with the old Transdev, a subsidiary of Caisse des Dépôts. Currently, Veolia owns 30% of the company's shares. Prior to the merger, Veolia Transport was the transport division of Veolia. It was originally part of the CGEA, which was acquired in 1980, and the transport division was then renamed Connex in 1999, then finally renamed to Veolia Transport in 2005.
At the time of merger, Veolia Transport recorded revenues of €7.863 billion in 2011 (For 2010: Europe 83%, included France 37.1%, North America 13.2%, Asia-Pacific 3.7%). It employed 101,798 people. It worked with public authorities under public-private partnerships to manage public transit systems (buses, trains, metros, ferries, etc.). On 6 December 2011, Veolia Environment, seeking to reduce debt and focus on its core businesses of water, waste and energy, announced that it will eventually sell its share in Veolia Transdev, within a two-year time frame, by when its own activities will have been reorganized. After this announcement, the Caisse des Dépôts et Consignations, for its part, officially reiterated its commitment to Veolia Transdev and its continued support as a shareholder to the group's development.
In early 2012, it was reported that Cube Infrastructure, a fund controlled by the French bank Natixis (Groupe BPCE), was likely to acquire about half of Veolia's stake in Transdev. The Caisse des Dépôts would take over the other half. This was later changed in October 2012 to Caisse des Dépôts acquiring 10% of the shares from Veolia. This however was not implemented. In December 2016, CDC finally bought 20% shares from Veolia. As a result, Veolia's share on the company reduced to 30%.
In January 2019, the 30% share was sold to the Rethmann Group, the owner of Rhenus. In 2012, the group launched a major restructuring plan: one Veolia per country for a single international headquarters. The company's activity is refocused on markets with large volumes and greater added value (difficult-to-treat pollution, the circular economy, more industrial groups as customers, etc.). Veolia Environnement officially becomes Veolia. In Latin America, Proactiva was a 50-50 joint venture formed in 1999 between Veolia Environnement and Fomento de Construcciones y Contratas (FCC), until Veolia bought the other 50% share from FCC in 2013. As a result, Veolia now owns 100% of Proactiva. In 2014, EDF took over Dalkia's activities in France while Veolia took over 100% of Dalkia's international activities.
In February 2016, Veolia acquired the American Kurion, which specializes in low-level radioactive residue remediation techniques, for 350 million dollars. The acquisition expanded the activities of Asteralis, its subsidiary focused on waste characterization and nuclear facility assessment. It was part of Veolia's 2016–2018 investment plan, which also included cost-reduction measures. In May 2016, Veolia announced the creation of the largest sewage sludge treatment plant in the world, located in Hong Kong. In June 2016, Veolia announced the acquisition for $325 million of the sulfuric acid activities of the company Chemours, resulting from the split of the specialty chemicals activities of DuPont. The following month, Veolia continued its acquisitions and acquired the Szakoly power plant, the fifth largest electricity production facility in Hungary from biomass and contributed to the development of renewable energies in the country.
In North America, Veolia Energy traded under the Trigen Energy name until February 2011. It was a major operator and developer of efficient district energy (heating, cooling, and cogeneration) systems in North America, located in ten major U.S. cities. It also provides facility operations, energy management, and advisory services. In July 2019, Veolia sold its heating and cooling networks in the United States for $1.25 billion to the French investment fund Antin Infrastructure Partners, which renamed the business Vicinity Energy. In December 2019, Veolia, through its subsidiary Veolia Nuclear Solutions, and the electrician EDF announced the creation of Graphitech, a company responsible for dismantling graphite technology nuclear reactors.
2020–present
On 30 August 2020, Veolia made an offer to ENGIE to buy back 29.9% of Suez shares for the sum of 2.9 billion euros, and then proposed a public tender offer for Suez for the rest shares. In October 2020, Veolia acquired the 29.9% stake in Engie, for 3.4 billion euros. In April 2021, Veolia and Suez publish a joint press release claiming to have found common ground for Veolia to absorb a large part of Suez's international activities, which should bring Veolia's valuation to 37 billion euros. This operation values Suez at 13 billion euros.
A merger agreement was signed in May 2021 to formalize the transaction. In December 2021, the European Commission approved the takeover, subject to a series of conditions, including asset divestments to address competition concerns. In early 2022, Veolia announced the completion of its acquisition of Suez and its intention to integrate the acquired activities within the group.
In July 2022, Estelle Brachlianoff became the CEO of the Group after succeeding Antoine Frérot who remained as Chairman of its Board. In November 2025, Veolia Environnement acquired the American company Clean Earth for 3.04 billion dollars.
Financial information
On 31 December 2024, shares in Veolia Environnement were held as follows: 10.4% Individual shareholders, 8.9% Employees, 5.9% BlackRock, 5.8% Amundi, 4.7% Caisse des Dépôts et Consignations CNP, 3.4% Vanguard, 2.9% Impax, 2.1% BPCE, 2.0% Strate Street, 1.9% Pictet, 1.7% Norges, 1.4% Self detention, 48.8% Other institutional shareholders
Veolia issued two profit warnings in 2011 and announced plans to quit half of the 77 countries where it does business. It launched a €5 billion ($6.4 billion) fire sale of assets. The company and its top executives were facing the prospect of a U.S. class-action lawsuit in January 2012 over allegations that they made "misleading" statements between 2007 and 2011 about its financial well-being. The company, which was described as "struggling" by the Financial Times, said that a complaint had been filed against it in New York for violation of U.S. federal securities laws. Veolia's shares were the worst performer on France's CAC 40 index in 2011, falling 60%.
The following is a summary of data (in millions of euros):
From Wikipedia’s article on Veolia, shared under CC BY-SA 4.0.5