Engie wants Veolia to raise the price of its purchase offer for most of its stake in Suez and asks for 1 billion more. It does not rule out considering alternative proposals that could arise in the coming weeks, reports Reuters.
Veolia on Sunday offered to buy back most of Engie’s stake in Suez – i.e. 29.9% from some 32% to 15.50 euros per share representing an amount of 2.9 billion – by then providing for an offer on the remains of the capital of the world number two in water and waste management.
“The amount proposed is not sufficient, Veolia must review its copy,” a source inside Engie told Reuters, according to which the chairman of the board Jean-Pierre Clamadieu made this position known to the directors of the group.
According to another source familiar with the matter, a price of 17.00 euros per share, initially mentioned by BFM Business, “would be closer to what Engie is entitled to expect”.
According to the same source, the energy group knows that the CEO of Veolia, Antoine Frérot will make the necessary efforts to win the bet. According to several sources, Engie is already setting its conditions.
Engie also asked Suez to examine the possibility of buying the group’s stake in its own capital, two of the sources interviewed by Reuters also said.
One of them added that Engie reserved the right to consider alternative proposals that might emerge from one or more other investors.
The negotiation has only just begun. Veolia’s offer is valid until the end of September
With Reuters and BFM business
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