Alternatively, Mr Torras speculated that Suez Lyonnaise might return to the contest with another partner.
At an operational level, the subsidiaries of Lyonnaise and Suez have almost nothing to do with each other.
He is also the biggest shareholder in France's fourth-biggest industrial group, Suez Lyonnaise des Eaux, with about 11.5%.
But France's Suez Lyonnaise reckons that figure will rise by 10% a year over the next five years.
Suez Lyonnaise and Telefonica formed its mobile phone consortium, called ST3G, last April to bid for a French licence.
In a strictly financial sense, the deal will certainly paper over a few unseemly cracks particularly at Lyonnaise des Eaux.
Suez Lyonnaise inherited an unpopular state utility with murky finances and limited reach.
In the few years since Atlanta let Suez Lyonnaise take over its water concession, the firm has reduced costs considerably.
In fact, he does not believe that France's contest will be unduly affected by the departure of Suez Lyonnaise and Telefonica.
For managers at Lyonnaise, the merger also looks like a defensive tactic.
Suez, which already owns 17% of its future partner, has a relatively strong balance sheet which could come in useful to the indebted Lyonnaise.
For the moment, the merger seems to put off rather that hasten the idea of a status-destroying, wealth-creating break-up at either Lyonnaise or Suez.
Just ask Suez-Lyonnaise des Eaux, a French finance and utilities group.
However, Belgian politicians, their hackles raised by Renault's recent decision to close a local car factory, are professing outrage at the mere idea of Lyonnaise running Tractabel.
Suez Lyonnaise holds a 60% stake, while Telefonica owns 40%.
The hope in the stockmarket, where the long-suffering shareholders of Suez and Lyonnaise have finally seen their companies' performance perk up, is that the merger will be a prelude to restructuring.
Suddenly having Lyonnaise's businesses to oversee guarantees their jobs.
应用推荐