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 already own.

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 said.

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 by Veolia.

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."


Write to Joshua Kirby at; @joshualeokirby


(END) Dow Jones Newswires

January 07, 2021 03:30 ET (08:30 GMT)

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