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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 | |
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By Inti Landauro
PARIS--French water and waste-treatment utility Suez Environnement said an arbitration panel has sentenced the Argentine government to pay $405 million in damages for terminating a water and sewage concession contract in 2006.
In 1993, Suez Environnement's local unit Aguas Argentinas was awarded the contract to manage water and sewage services in the Buenos Aires area though the government 13 years later terminated the contract. Suez has sought damages through the International Center for Settlement of Investment Disputes.
"This decision represents an important step in the process of solving this dispute. The next step consists of making sure that the ICSID's decision is implemented," Suez Environnement said in a statement released late Thursday.
-Write to Inti Landauro at inti.landauro@wsj.com
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