Veolia Appeals Court Order Suspending Its Acquisition of Stake in Suez

   By Joshua Kirby 
 

Veolia Environnement SA said Friday that it is appealing a court order mandating the suspension of the operation to buy a 29.9% stake in Suez SA from Engie SA and a subsequent takeover bid.

The decision by the Paris court has no legal basis and doesn't call into question the purchase of the shares acquired by Veolia in Suez, the French resource-management company said.

The court ordered the suspension earlier Friday, citing the fact that Suez's social and economic committees hadn't been consulted over the deal, Agence France-Presse reported.

"This decision is also particularly incomprehensible as only the management of Suez is competent to organize an information-consultation of its Employee Works Council. This is a reality that cannot escape anyone. Suez has not initiated an information-consultation procedure vis-à-vis its employee representative bodies since its management is opposed to the project. Bringing responsibility for the failure to organize such a consultation to Veolia is therefore perfectly grotesque since the group clearly did not have this power," Veolia said in a statement.

Write to Joshua Kirby at [e-mail]

(END) Dow Jones Newswires

October 09, 2020 13:00 ET (17:00 GMT)

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