By Olivier Pinaud 
 

Veolia Environnement SA is set to present an "improved offer" late Friday for Suez SA to Engie SA's board of directors, Chief Executive Antoine Frerot said in a press conference Friday.

"The offer price will be increased, but I won't say by how much," Mr. Frerot said, adding that price is not the sole criteria.

The improved offer takes into account the points raised by Engie, Mr. Frerot added. "The social commitments have been formally set out in a letter that will be sent to Engie's board of directors," he said.

Mr. Frerot said he is open regarding the question of governance, noting that of the 12 members of the new entity's executive committee, four or five could come from within Suez. "The same would apply for directors at country level," he added.

 

Alice Dore contributed to this article.

 

Write to Olivier Pinaud at opinaud@agefi.fr

 

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

 

(END) Dow Jones Newswires

September 25, 2020 06:10 ET (10:10 GMT)

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