Veolia Appeals To Suez Shareholders In Hostile Takeover Bid

21 Feb 2021 by OOSKAnews Correspondent
PARIS, France

French water, waste management and energy giant Veolia filed a tender offer on 7 February for the shares in rival Suez that it doesn’t already own. The move takes the increasingly acrimonious takeover bid out of the boardroom and into the hands of shareholders.Suez claims the offer of almost $21.90 USD per share for the remaining Suez shares violates Veolia’s commitment to amicability in the takeover, which began in October last year with the acquisition of a 29.9 percent holding from French utility company Engie, making Veolia Suez’s largest shareholder.However, in a subsequent statement, Suez indicated its willingness to enter mediation on the takeover bid, saying: “Suez will put forward propositions consistent with its determination to promote its corporate interest, that of its shareholders, employees, and all of its stakeholders...

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