Veolia Notifies Suez of Intention to File for Remaining Stake -- Update
--Veolia has sent Suez a public offer proposal for a further
70.1% stake in the company
--Veolia, which already maintains a 29.9% stake in Suez, said it
will launch a public tender offer at EUR18 a share
--Suez has said it has received the letter of intent, but that a
binding offer can't currently be submitted with it being subject to
By Joshua Kirby and Mauro Orru
Veolia Environnement SA said Thursday it has notified peer Suez
SA of its intention to file for a further stake in the company.
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, although 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 EUR18 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's board is
"standing in its way."
Suez confirmed receipt of the letter in a statement late
Thursday, saying its board of directors would examine the
However, it added that Veolia can't submit a binding offer at
the moment as the envisaged operation is subject to legal
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(END) Dow Jones Newswires
January 07, 2021 13:03 ET (18:03 GMT)
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