Veolia details Suez takeover plan after securing 29.9% stake

摘要

French water, waste and energy giant Veolia became its main rival's largest shareholder this month, by acquiring a 29.9% stake in Suez from energy group Engie for €3.4 billion. This is set to be the first step in Veolia chief Antoine Frerot's plan to take over Suez completely by 2022. Immediately after securing Engie's shares, Veolia detailed its intentions regarding a future public offering for the remaining 70.1% of Suez. In a press release celebrating the initial buy, the company said it would make Suez shareholders a cash offer within 18 months, priced at €18/share, the same value as Engie got this month. This would value Suez's total equity at €11.3 billion, more than Veolia's entire market capitalisation at closing that day (about €10.5 billion on 5th October).