Companies

Veolia says it won't launch hostile bid for Suez

Veolia operator inside TWA Hotel microgrid plant
Source: Christophe Majani-D'Inguimbert | Veolia North America

French utility Veolia pledged on Sunday it would not launch a hostile bid for the remaining shares of rival Suez after the acquisition of the 29.9% Suez stake owned by power group Engie. Veolia closed in this week on an agreement to buy Engie's stake in Suez, in a prelude to a full takeover bid and marking a breakthrough after weeks of hostilities between the parties.

Veolia "unconditionally commits not to file a hostile takeover bid following the sale of the shares held by Engie in Suez," the group said in a statement, adding that any bid on the remaining capital of Suez would require the go-ahead from Suez's board.