Veolia Environnement offered 2.9 billion euros ($3.5 billion) for a 29.9% stake in French rival Suez, reviving an eight-year-old attempt to create a world leader in waste and water services, reported Bloomberg.
Veolia offered to acquire the stake from energy giant Engie SA for 15.50 euros a share in cash, 27% more than where the target closed Friday, Veolia said in a statement Sunday. Suez said its board will meet “shortly” to consider the unsolicited bid. If the offer is successful, Veolia will make an offer for the rest, using the price paid to Engie as a reference point, and taking into account any subsequent significant events affecting Suez.
The transaction, a full bid would value Suez stock at 9.7 billion euros, would create a company with combined revenue of more than 40 billion euros with plants treating everything from water to plastic and hazardous waste across the globe. It comes as utilities try to revive earnings dented by the coronavirus pandemic, and as governments push to spend more on environmental services in their economic stimulus packages.
Full Content: Bloomberg, Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI