After months of tug-of-war, the two French companies Veolia and Suez have reached an agreement for the merger. According to a press release, Veolia will pay € 20.5 for each Suez share, a significantly higher price than the € 18 offered in the early stages.
In recent months, the multinational led by Antoine Frerot had already bought a 29.9% stake in Suez from Engie, before launching the takeover bid. At the end of February, the Suez board rejected the offer at 18 euros per share.
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Now the merger will allow the establishment of a “world champion in ecological transformation», With a turnover of around 37 billion euros, according to a statement from Veolia. The two French multi-utilities have agreed to reach a definitive agreement by 14 May next. Suez, moreover, is the second shareholder of the Capitoline multi-utility Acea with 23.3% of the capital.
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