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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.12% | 16.10 | 16.085 | 16.20 | 16.205 | 16.05 | 16.10 | 6,124,533 | 16:40:00 |
By Giulia Petroni
Veolia Environnement SA said Sunday it made an offer to acquire a 29.9% stake in its peer Suez SA from Engie SA at a price of 15.50 euros ($18.46) a share.
The French water and waste management company said the offer, which would be paid in cash, is valid until Sept. 30 and represents a 50% premium over Suez's closing share price as of July 30.
If the offer is accepted, the company said it would file a voluntary tender offer for Suez's remaining shares.
Veolia said the transaction would be accretive from the first year, with operating and purchasing synergies estimated at EUR500 million, and its debt would remain under control.
The offer follows Engie's decision to launch a strategic review that includes its stake in Suez.
Veolia added it has considered the potential antitrust issues the acquisition would entail and identified French infrastructure management company Meridiam as an acquirer for Suez's French water activities.
Suez said Sunday in a statement that Veolia's approach "has not been solicited" and hasn't been discussed with the company. It added it would convene its board of directors shortly to evaluate the operation.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
August 31, 2020 02:33 ET (06:33 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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