Veolia ‘Unconditionally’ Commits Not to Go Hostile on Suez

(Bloomberg) --

Veolia Environnement SA says that after “constructive” discussions with Suez SA's management the utility “unconditionally” commits not to file a hostile takeover bid after acquiring a stake in Suez from Engie SA.

Any public takeover bid on Suez's remaining capital will require prior support from Suez's board of directors, Veolia said in emailed statement on Sunday. Veolia said it's providing the guarantee demanded by Engie's board, “making possible the sale of the 29.9% of the capital that Engie holds in Suez.”

Veolia says it also made a commitment to Suez Chairman Philippe Varin to “respond favorably” to Suez's request to extend the scope of the assets sold to the buyer of Suez Eau France to include international water assets for a total turnover of about 5 billion euros ($5.86 billion), including 2.2 billion euros for the French water assets.

Suez Says It's Working to See If Veolia Plan Is ‘Acceptable'

©2020 Bloomberg L.P.