The Government authorized the purchase of 100% of Agbar by the French group Veolia with certain conditions. According to the official document to which this newspaper has had access, the governmental green light, which occurred in January 2022, obliges the new owner, first of all, to “maintain the registered office and the effective seat of management and direction from Agbar to Spain”, at least for the next five years. With reference to employment, the approval states that “during the next four years, the operation will not have a negative impact on employment”.
And, with regard to the most relevant aspect in relation to the controversy over Agbar’s activity, “the maintenance of an investment policy in projects in Spain”, he points out that “the eventual divestment decisions that “adoptin will not be able to put at risk the proper functioning of the regulated activities currently carried out by the group”, with reference to the water supply service concessions in more than 1,100 municipalities.
Finally, the aforementioned authorization of the purchase also obliges the new owner during the five years to “maintain the projection of the Agbar group, as a comprehensive provider of services linked to water and the environment, in particular in America Latin”, where it develops a very important concessional activity.
Aigües de Barcelona, ??one of the most relevant subsidiaries of Agbar, issued a statement yesterday in which it reiterated that “it is continuing with its investment plan to comply with the execution of the works provided for in Law 9/2023 of measures extraordinary measures to deal with the drought […] in full coordination with the public administrations”, in line with what this newspaper published yesterday.
The information referred to the conflict between the management of Agbar and the shareholder Veolia regarding the consequences of these investments and other maintenance in all the networks that operate in Spain on the profitability of the group foreseen in its strategic plan until 2027, called Green.
Sources close to Veolia have denied that there is a conflict between this group and its subsidiary in Spain and have assured that the investments approved by the group demonstrate its commitment to Agbar. Faced with criticism that its strategic plan collides with the orientations of its new strategic plan, they pointed out that “Veolia’s strategy is based, among other aspects, on the solidity of the activity that the group has in the management of urban water , betting on resilience and action in the territories where it is”.
Aigües de Barcelona is owned 70% by Veolia, 15% by Criteria, the investment holding of the La Caixa group and the remaining 15% is held by the Barcelona Metropolitan Area (AMB). The non-executive chairman is Ángel Simón, who has been Criteria’s CEO since February.
