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Veolia Makes Offer for Suez Stake, May Try to Buy Out Remainder

Published 08/30/2020, 02:00 PM
Updated 08/30/2020, 02:18 PM
© Bloomberg. A Veolia Environnement SA worker cleans the pavement outside Oxford Circus underground station in London, U.K., on Thursday, June 11, 2020. The government said Tuesday that non-essential shops, which have been shut since March, can reopen Monday, so long as they can apply social distancing rules. Photographer: Chris J. Ratcliffe/Bloomberg

(Bloomberg) -- Veolia Environnement (OTC:VEOEY) SA offered to buy a 29.9% stake in Suez SA (OTC:SZSAY) and is prepared to make a full bid for the remainder of its French rival in an attempt to create a world leader in waste and water services.

Veolia offered to acquire the stake from Engie for 15.50 euros a share in cash, 27% more than where the target closed on Friday and a 50% premium to where it traded before Engie said it was planning a major asset sale program in July, Veolia said in a statement Sunday. The offer runs until Sept. 30.

A full bid, valuing Suez stock at 9.7 billion euros ($11.6 billion), would seek to revive a previous merger attempt that the French government declined to approve in the face of heavy job cuts.

“This project is part of a friendly approach, as we share with Suez the same profession, the same culture and the same values,” Veolia Chief Executive Officer Antoine Frérot said.

©2020 Bloomberg L.P.

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