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– The Ardian-GIP consortium proposes to buy part of the assets of Suez for an enterprise value of 15.8 billion euros, and Suez supports the offer
–Veolia rejected the negotiated solution and said it would not sell the 29.9% it already owns in Suez
Veolia Environnement SA on Sunday opposed a proposal by Suez SA to find a negotiated solution concerning its takeover which would include the sale of certain activities to a consortium.
Suez said in a statement on Sunday that the consortium made up of investment funds Ardian and Global Infrastructure Partners submitted a binding offer on Saturday to acquire several businesses from Suez, including its water unit and recycling business and valuation in France as well as other activities outside France.
For these activities, the consortium offered to pay 20 euros ($ 23.81) per share in cash – an offer that equates to an enterprise value of 15.8 billion euros, Suez said. The offer was approved by the board of directors of the French waste management and management company and would benefit all shareholders, Suez said.
“The board of directors of Suez … proposes to start negotiations [with Veolia] on this basis, with the aim of finalizing them as soon as possible and no later than April 20, “the company said. The negotiated solution should incorporate the offer of the Ardian-GIP consortium and the increase in the offer of Veolia on the remaining stake in Suez to at least € 20 per share versus € 18 per share, which was Veolia’s latest offer, Suez said.
If a negotiated solution was not found by April 20, Suez said it would accelerate its Suez 2030 strategic plan “to create value for all stakeholders well beyond the current supply. of Veolia “.
Later the same day, waste management and management company Veolia responded to Suez’s proposal in a statement saying the company was not interested in dismantling Suez and would not sell or trade the 29.9% it already owns. its smaller rival.
“The proposal made by Veolia about ten days ago to guarantee the integrity of Suez in France in the event of a prior agreement shows that Veolia is doing everything in its power to ensure that the new Suez is of a size allowing it to develop. , including outside France, ”Veolia said in the press release.
The two sides have been deadlocked for months, as Suez has so far rejected Veolia’s attempt to take over the company entirely, calling its approach “hostile”.
Write to Olivia Bugault at [email protected]
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