Suez Criticizes Veolia's Sweetened Offer -- Update
--Suez says it will resist "creeping takeover" by Veolia
--Veolia has increased its bid to EUR18 a share for a 29.9%
--Engie previously indicated it would consider an improved offer
for its Suez stake
By Pietro Lombardi and Joshua Kirby
Suez SA has criticized a new offer put forward by Veolia
Environnement SA to buy a 29.9% stake in the company from
shareholder Engie SA.
The terms of the new offer remain "vague" and don't guarantee
the interests of shareholders and stakeholders, the French
waste-management company said Wednesday.
Suez said it would "put all the means at its disposal to avoid a
creeping takeover or de facto control by its main competitor." It
asked Engie not to take a decision under Veolia's terms and
"The board is actively pursuing its work in order to enable the
announcement, as soon as possible, of a solution that will suit all
Suez shareholders," it said.
On Wednesday, Veolia increased its offer to Engie to 18 euros
($21.14) for each Suez share, from a previous offer of EUR15.50 a
share. Veolia also promised job security for Suez employees in
France in the new offer.
Engie has yet to respond to the increased bid. The energy
company's chairman, Jean-Pierre Clamadieu, told a National Assembly
hearing earlier in the week that he was confident Veolia would
offer the necessary job guarantees. He added that Engie's response
to a renewed approach would depend on the price offered.
Write to Pietro Lombardi at email@example.com and to
Joshua Kirby at firstname.lastname@example.org
(END) Dow Jones Newswires
September 30, 2020 11:19 ET (15:19 GMT)
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