- Veolia Environment (OTCPK:VEOEY) confirms it will launch an offer to buy all of French water utility Suez (OTCPK:SZEVY), valuing its rival at €11.3B ($13.6B), after abandoning attempts to win the backing of the company's board.
- Veolia says it is bidding €18/share for the 70.1% of the company it does not already own offer after CEO Antoine Frerot met Suez CEO Bertrand Camus on Friday, who has long favored finding an alternative suitor for Suez and gave no sign he would change his mind.
- "Over the last four months, Suez has multiplied actions intended to obstruct Veolia's offer proposal," Veolia says. "Veolia can only draw the consequences and modify its declaration of intent dated Oct. 5, 2020, by no longer requiring that the tender offer be subject to the approval by Suez's board of directors."
- Suez said last month it had received a letter of intent from private equity groups Ardian and Global Infrastructure Partners, including an offer for Suez shares at 18 each.