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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Engie | EU:ENGI | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.025 | -0.16% | 15.19 | 15.15 | 15.28 | 15.38 | 15.135 | 15.215 | 4,693,159 | 16:40:00 |
--Suez says it will resist "creeping takeover" by Veolia
--Veolia has increased its bid to EUR18 a share for a 29.9% stake
--Engie previously indicated it would consider an improved offer for its Suez stake
By Pietro Lombardi and Joshua Kirby
Suez SA has criticized a new offer put forward by Veolia Environnement SA to buy a 29.9% stake in the company from shareholder Engie SA.
The terms of the new offer remain "vague" and don't guarantee the interests of shareholders and stakeholders, the French waste-management company said Wednesday.
Suez said it would "put all the means at its disposal to avoid a creeping takeover or de facto control by its main competitor." It asked Engie not to take a decision under Veolia's terms and timetable.
"The board is actively pursuing its work in order to enable the announcement, as soon as possible, of a solution that will suit all Suez shareholders," it said.
On Wednesday, Veolia increased its offer to Engie to 18 euros ($21.14) for each Suez share, from a previous offer of EUR15.50 a share. Veolia also promised job security for Suez employees in France in the new offer.
Engie has yet to respond to the increased bid. The energy company's chairman, Jean-Pierre Clamadieu, told a National Assembly hearing earlier in the week that he was confident Veolia would offer the necessary job guarantees. He added that Engie's response to a renewed approach would depend on the price offered.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com and to Joshua Kirby at joshua.kirby@dowjones.com
(END) Dow Jones Newswires
September 30, 2020 11:19 ET (15:19 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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