Veolia Notifies Suez of Intention to File for Remaining Stake
By Joshua Kirby
Veolia Environnement SA said Thursday it has notified peer Suez
SA of its intention to file for the stake in the company it doesn't
The French resource-management company said it sent Suez a
public-offer proposal regarding the 70.1% stake.
"This formal proposal describes all the elements of the
industrial project, the social project and the financial conditions
that Veolia will offer when the offer is actually submitted,"
Veolia previously acquired a 29.9% stake in Suez from energy
company Engie SA, though the process has become mired in legal
disputes, with Suez opposed to what it considers a hostile takeover
In Thursday's letter to Suez, Veolia said it will launch a
voluntary public tender offer at 18 euros ($22.19) a share, the
price at which it agreed to buy the initial stake from Engie. The
company added that it intends to complete the merger in nine to 15
months, but that it cannot yet make a formal offer since the Suez
board is "standing in its way."
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(END) Dow Jones Newswires
January 07, 2021 03:30 ET (08:30 GMT)
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