Paris (AFP)
Suez, who had been contesting since September before the stock market gendarme the form chosen by Veolia to launch its takeover project, was rejected Thursday by the Paris Court of Appeal, and reiterated its support for mediation to get out of the conflict. 'opposing his rival.
Suez contested Veolia's two-step approach, consisting of a purchase proposal made on August 30 to Engie, Suez's main shareholder, before launching an offer to other holders of securities.
The besieged group had seized the Autorité des marchés financiers (AMF), which on September 24 did not prove it right, and it had appealed.
But the court of appeal ruled that there had been no formal "pre-offer" to Engie.
"The appeal, ill-founded, must be rejected," she concludes in a judgment consulted by AFP.
Suez and Veolia, entered into war over the plan to buy back one by the other, have multiplied the remedies, and this judgment does not sign the end of the legal battle.
If it had been successful, however, it could have been such as to call into question the operation.
Thursday, Suez said that it "welcomed the principle of mediation in the context of the attempted public offer by Veolia", which became hostile on Monday.
"The objective will also be for France to retain two world leaders in essential environmental services," the statement added.
The National Assembly working group dedicated to the case asked Tuesday "the two companies to accept a neutral mediator, familiar with industrial issues".
Veolia, for its part, intends to complete its merger project.
"We are confirmed in our rights to acquire Engie's shares, in our shareholder rights and have validly filed a takeover bid. We are obviously still open to a discussion on a wider scope around Suez Eau France, in the interest of competition, as we have always said ", indicates the group, also evoking social commitments.
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