The consortium –Ardian-GIP is offering to buy part of Suez’s assets for a venture value of EUR15.8 billion, and Suez is backing the offer
– Verolia rejected the negotiated solution and said it would not sell its 29.9% stake in Suez.
Veolia Environnement SA on Sunday opposed a proposal from Suez SA to seek a negotiated solution to a takeover that would involve selling some activities to a consortium.
Suez said in a statement Sunday that the consortium comprised of investment fund Ardian and Global Infrastructure Partners submitted a binding offer on Saturday to acquire several Suez operations, including its water unit and recycling and recovery activities in France as well as others. activities outside France.
For these actions, the consortium proposed to pay 20 euros ($ 23.81) in cash – an offer that comes to an enterprise value of EUR15.8 billion, Suez said. The offer was approved by the board of a French waste and management company and would benefit all shareholders, Suez said.
“The board of Suez … recommends engaging in dialogue [with Veolia] on this basis, with the aim of ending them as soon as possible and no later than April 20, “the company said. The negotiated solution required the offer made by the Ardian-GIP consortium. introduce and increase Veolia ‘s bid for the remaining Suez stake to at least EUR20 a share from EUR18 a share, which was Veolia’ s last offer, Suez said.
If a compromise solution was not found by April 20, Suez said it would accelerate Suez ‘s 2030 strategic plan “to create value for stakeholders far beyond Veolia’ s current offering.”
Later in the day, waste and management company Veolia responded to Suez’s recommendation in a statement stating that the company has no interest in dismantling Suez, and that the allotment will not be sold or exchanged. 29.9% they already have its smallest competitor.
“The recommendation made by Veolia about 10 days ago to guarantee the integrity of Suez in France if prior agreement is shown shows that Veolia is making every effort to ensure that the new Suez is the size enabling development, including outside France, “Veolia said in the statement.
Both parties have been in crisis for months as Suez has so far tried to completely reverse Veolia’s attempt at the company, declaring its approach “hostile.”
Write to Olivia Bugault at [email protected]