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Setback for Suez in the legal battle against Veolia

2021-02-23T13:37:16.428Z

After ordering Veolia to suspend its takeover bid on Suez, the Nanterre commercial court finally declared itself incompetent.



The Nanterre commercial court, which had ordered Veolia to suspend its takeover bid on Suez, finally declared itself incompetent on Tuesday in this case and referred it to the Paris commercial court.

The court says it is "

incompetent for the benefit of the Paris Commercial Court

", in a decision dated Tuesday.

Read also: Suez-Veolia: Ardian refuses to launch a counter-takeover bid

Veolia launched on February 8 a hostile takeover bid for the 70.1% of Suez's capital that it does not own, for a total of € 7.9 billion.

The water and waste giant has already held 29.9% of its competitor's capital since October, sold by Engie.

But the Nanterre commercial court on the same day ordered Veolia to suspend any takeover bid against Suez, pending a substantive debate on its previous friendly operation commitments.

Veolia for its part argued that "

its head office is domiciled within the jurisdiction of the Paris Commercial Court

", recalls the decision published Tuesday, which therefore retains this argument.

Suez is also ordered to pay several thousand euros to its competitor and to Engie, for legal costs.

Read also: Between Suez and Veolia, the judicial guerrilla warfare is in full swing

Suez management opposes the merger project, which it believes is synonymous with social and industrial damage.

The battle between the two French champions of the sector, which has been going on since last summer, is punctuated by numerous legal remedies.

Source: lefigaro

All business articles on 2021-02-23

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