This post was originally published on this site
https://d1-invdn-com.akamaized.net/content/pic785dab4494096d5043f70a6bcaa94cb3.jpgVeolia 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.