Antoine Frérot, the boss of Veolia.
ISA HARSIN / SIPA
Veolia unveiled on Wednesday an improved offer to buy from Engie its 29.9% stake in its competitor Suez, now offering 18 euros per share, or nearly 3.4 billion, against 2.9 billion previously, and indicated to seek a compromise.
The water and environment giant indeed offers Suez a period of discussions of six months "to seek the common bases of an agreement" and undertakes during this period not to file "a public offer relating to 70.1% of the capital of Suez only on condition that it is friendly, ”he said in a press release.
Thus, “Veolia will declare that its intention to file a public offer will be conditional on a favorable recommendation from the Board of Directors of Suez.
"I am eager to prove that my offer has never been hostile, which is why I am ready to give a large pledge in return for similar efforts on the part of Suez," the CEO of Suez told reporters. Veolia, Antoine Frérot, during a conference call.
In return, the group asks its competitor to deactivate the foundation under Dutch law which was to house its Water France activity, a “poison pill” intended to derail a takeover.
Veolia also reiterated its commitments on the social issue, promising to “maintain all employee employment in France”.
The energy group Engie is due to meet with its board of directors on Wednesday to study Veolia's proposal, which is only valid until midnight.
Veolia CEO to increase his offer for Suez
The inter-union of Suez calls for a day of mobilization Tuesday after the offer of Suez