Veolia Appeals Court Order Suspending Its Acquisition of Stake in Suez
By Joshua Kirby
Veolia Environnement SA said Friday that it is appealing a court
order mandating the suspension of the operation to buy a 29.9%
stake in Suez SA from Engie SA and a subsequent takeover bid.
The decision by the Paris court has no legal basis and doesn't
call into question the purchase of the shares acquired by Veolia in
Suez, the French resource-management company said.
The court ordered the suspension earlier Friday, citing the fact
that Suez's social and economic committees hadn't been consulted
over the deal, Agence France-Presse reported.
"This decision is also particularly incomprehensible as only the
management of Suez is competent to organize an
information-consultation of its Employee Works Council. This is a
reality that cannot escape anyone. Suez has not initiated an
information-consultation procedure vis-à-vis its employee
representative bodies since its management is opposed to the
project. Bringing responsibility for the failure to organize such a
consultation to Veolia is therefore perfectly grotesque since the
group clearly did not have this power," Veolia said in a
Write to Joshua Kirby at firstname.lastname@example.org
(END) Dow Jones Newswires
October 09, 2020 13:00 ET (17:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.