PARIS (dpa-AFX) - Veolia, which vows to pursue its hostile takeover of French utility rival Suez SA, said Sunday that it will not sell or exchange its 29.9% stake in the capital of Suez. The takeover offer made by Veolia for Suez remains irrevocable.
Meanwhile, Ardian and Global Infrastructure Partners have offered to buy parts of Suez's business, for 11.9 billion euros. The business includes Suez's water and waste assets in France, and some broader water activities globally, the French and U.S. private equity funds said in a statement on Sunday.
Ardian and GIP's proposal is subject to certain conditions, notably the support of the trade unions, the recommendation of the Board of Suez for Veolia's public offer on terms agreed between Suez and Veolia in the context of a global and amicable solution, and Suez' shareholders' approval of the proposed transaction.
Ardian and GIP said that, in the event that Veolia withdraws its offer for Suez within six months, the consortium could consider making a public offer for the entire share capital of Suez. The price of the offer would be 20 euros per share, which is above the 18 euros per share offer by Veolia for the whole of Suez.
Suez said it is supporting the French and U.S. private equity funds' proposal. It is ready to enter into negotiations to break the current deadlock, and hopes that Veolia will respond favorably to the constructive proposal.
If a negotiated solution has not been found by April 20, 2021, Suez will accelerate the implementation of the SUEZ 2030 strategic plan in order to create value for all stakeholders well in excess of Veolia's current offer, Suez said.
But Veolia said that the tender offer made by Veolia is still irrevocable even after the activation of the Dutch entity, and is the only offer for the entire capital of Suez.
Copyright RTT News/dpa-AFX