(Adds detail from call, analyst comment.)

By Adam Mitchell

Of DOW JONES NEWSWIRES

PARIS -(Dow Jones)- Suez Environnement, the waste and water unit of Suez ( SZEZY) due to be spun off as part of Suez's planned merger with Gaz de France (Euronext:1020848) ( 1020848.FR), unveiled key financial objectives Monday ahead of a meeting, and said it will be listed in Paris and Brussels as of July 22.

Suez Environnement said it expects earnings before interest, taxes, depreciation and amortization, or Ebitda, in 2008 between EUR2.1 billion and EUR2.15 billion, and a dividend of EUR0.65 per share. Ebitda for 2007 totaled EUR2.02 billion, it said.

The spinoff of Suez Environnement was designed to balance the value of Suez and GdF, which are set to merge this summer, and to ensure the French state, which owns most of GdF, has a controlling minority stake in the future GdF-Suez.

Suez Environnement, which will hold an information meeting later Monday, unveiled its key growth objectives for the 2008-2010 period.

Over that timeframe, "Suez Environnement aims to achieve average annual organic growth in its revenue in excess of 5% and to make industrial tuck-in acquisitions that will have an impact greater than 2% on revenue growth," the company said, adding it would also consider other acquisitions to drive growth.

Over the 2009-2010 period, Suez Environnement said it aims to reach average annual growth in Ebitda, excluding strategic acquisitions, of 8%.

Per Lekander, an analyst at UBS, said the financial objectives show that Suez Environnement's management wants to set the company apart from Paris-based peer and competitor Veolia Environnement (NYSE:VE) (VE).

Suez Environnement executives are "clearly trying to differentiate themselves from Veolia," their chief competitor for investors and clients, as "more prudent" and with less gearing, lower debt levels and less capital expenditure, Lekander said.

The company also said it is setting itself a goal of annual dividend growth of at least 10% for 2009 and 2010.