Suez Says Veolia's Stake Purchase Remains Suspended -- Update
--Suez workers' unions agree employee consultations taking place
by end of May 2021 to unlock Veolia's stake purchase.
--Veolia says power to determine starting point of consultation
process not within Paris Court of Appeal remit.
--Veolia to initiate proceedings and regain stake purchase
rights no later than Feb. 5.
By Mauro Orru
Suez SA said Tuesday that its workers' unions have signed an
agreement whereby employee consultations should take place by the
end of May 2021 to unlock a court-ordered suspension of Veolia
Environnement SA's purchase of a stake in Suez.
The French waste-management company said on Nov. 19 that the
Paris Court of Appeal confirmed a decision suspending Veolia's
acquisition of a 29.9% stake in Suez from Engie SA because no
committee consultation had been completed.
Veolia had previously confirmed that it planned to make a full
takeover bid for Suez, which also remains on hold pending
consultations with 99 social and economic committees.
Suez said Tuesday that the court had once again confirmed the
However, Veolia said it is not within the court's power to
determine the starting point of the information and consultation
"Veolia will initiate proceedings before the competent
jurisdictions to have them confirm that this time period started on
November 5, 2020 at the latest," the company said in a
Veolia reiterated that it would recover all its rights relating
to the stake purchase no later than Feb. 5.
Write to Mauro Orru at email@example.com; @MauroOrru94
(END) Dow Jones Newswires
December 08, 2020 08:32 ET (13:32 GMT)
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