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Veolia commits to a takeover bid as soon as Suez has issued a favorable opinion

2020-11-03T09:24:07.724Z

Veolia, the world leader in water and waste treatment, pledged on Tuesday to file a takeover bid for the entire capital of Suez "as soon as the board of directors " of its historic rival has approved the project. Read also: Could the takeover of Suez by Veolia have an effect on water prices? " We are convinced that we will succeed in convincing the board of directors of Suez, in its current form



Veolia, the world leader in water and waste treatment, pledged on Tuesday to file a takeover bid for the entire capital of Suez "as

soon as the board of directors

" of its historic rival has approved the project.

Read also: Could the takeover of Suez by Veolia have an effect on water prices?

"

We are convinced that we will succeed in convincing the board of directors of Suez, in its current form or, failing that, after a general meeting, of the relevance of our project

", declared in a press release the CEO of Veolia, Antoine Frérot, a few hours before the management of Suez is heard, in the afternoon, in the Senate on this file.

"

This is why we want to further clarify our schedule and commit to submitting our offer as soon as the board of directors of Suez has issued a favorable opinion

," he adds.

Veolia acquired 29.9% of its competitor's shares on October 5 from the energy company Engie.

He immediately published a takeover bid on the rest of the shares, at the same attractive price of 18 euros per share, committing to move forward only with "

a favorable reception from the board

" of Suez.

Tuesday Veolia explains having "

devoted the past weeks to

numerous attempts to renew dialogue with Suez" but deplores having been opposed "to

an end of inadmissibility

".

He indicates that he will file his proposed takeover bid at a price of 18 euros per share once a merger agreement has been concluded with Suez.

This agreement must include the deactivation of a foundation under Dutch law created in September by Suez to complicate the sale of its Eau France assets.

The proposed merger of the two brands will then only be subject to the conditions precedent linked to the approval of the competition authorities, expected within 18 months, adds Veolia, which wants to build a "

world champion

" in the sector.

Suez management and unions vehemently oppose the project, calling for social destruction, loss of skills and the end of competition.

Five CGT federations have called a strike for Tuesday.

The president of Suez Philippe Varin and his director general Bertrand Camus will be heard on Tuesday by parliamentarians, the president of Engie on Wednesday.

Read also: Veolia-Suez: 5 CGT federations call for a strike on November 3 against Veolia's takeover bid

The courts have ordered in summary proceedings the suspension of the sale of Engie's shares, a decision which does not necessarily jeopardize the operation but which requires consultation with employee representatives.

Veolia and Engie have appealed, and the hearing will take place on Thursday.

Source: lefigaro

All business articles on 2020-11-03

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