Suez's Board Supports Ardian's Decision Not to Submit Offer, Still Considers Veolia's Approach Hostile
By Olivia Bugault
Suez SA's board of directors confirmed Monday that it still
considers Veolia Environnement SA's approach to be "hostile," but
agrees with Ardian's decision not to make an offer to Engie on the
purchase of a stake in the water and waste management company.
Veolia announced in late August its intention to buy a 29.9%
stake in Suez held by Engie SA, which would be a first step before
taking full control of the company. Suez rejected the bid and the
two rival utility companies have been in a fight for weeks since
"In order to preserve the interest of all its shareholders and
stakeholders, the Board confirms that it will put all the means at
its disposal to avoid a creeping takeover or de facto control,"
"In the current climate, the Board agrees with Ardian's decision
that it is not appropriate to make any offer to Engie," Suez
French private-equity firm Ardian informed Engie of its interest
in buying the stake in Suez last week but said today that it won't
submit an offer for the moment.
"Ardian, faithful to its principles of non hostile negotiations,
has decided not to submit an offer to allow time for ongoing
discussions," Ardian said Monday.
Write to Olivia Bugault at firstname.lastname@example.org
(END) Dow Jones Newswires
October 05, 2020 09:35 ET (13:35 GMT)
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