By Olivia Bugault

 

Suez SA Chairman Philippe Varin said Wednesday that the company has asked French market regulator AMF to look into Veolia Environnement SA's offer to buy a stake in the utility company.

Veolia announced in late August that it intends to buy a 29.9% stake in Suez from energy company Engie SA for 2.91 billion euros ($3.41 billion). The proposal runs until Sept. 30, after which Veolia intends to buy all remaining outstanding shares in Suez at the same price of EUR15.50 a share.

Mr. Varin said during a hearing at the National Assembly that Suez's request was made earlier this week, and that the AMF should gather "very soon" to consider it.

Furthermore, Mr. Varin rejected the deadline of Sept. 30 set by Veolia for Engie to accept the offer. "There is no urgency" to decide on the future of Suez, he added.

Engie rejected the initial offer, but said it would consider a deal under improved terms.

 

This story was translated in whole or in part from a French-language version initially published by L'Agefi-Dow Jones.

 

Write to Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

September 23, 2020 07:47 ET (11:47 GMT)

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