Our participation to a European research program dedicated to « The European Enterprise » and managed by Harm Schröter, from the Bergen University, takes the form of this text, which expresses our long-term interest in the history of the Suez Company, from the Canal Company to the Finance Company. After having studied the reshuffling of the corporation from banking to services and utilities in another text (see the bibliography), we endeavour there to determine whether Suez is becoming a group managed alongside European structures and modus operandi.