for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Deals

Suez board believes approach by Veolia remains hostile

FILE PHOTO: A flag with a logo of Suez is seen at the Suez recycling site in Oree-d'Anjou, France, September 28, 2020. REUTERS/Stephane Mahe/File Photo

PARIS (Reuters) - French waste and water management company Suez SEVI.PA said on Sunday its board still considered Veolia's takeover approach as a hostile move, despite the company's conciliatory overtures.

Earlier on Sunday Veolia said it was committed to not launching a hostile bid for the remaining shares in Suez if it concludes a deal to buy a 29.9% stake in the company from Engie ENGIE.PA, and would endeavour to get Suez's approval.

In a letter sent to Veolia’s chairman and CEO and made public, Suez Chairman Philippe Varin said the board had met on Sunday and had taken the view that Veolia’s approach remained a hostile one.

Reporting by Gwenaelle Barzic, Writing by Sarah White, Editing by Mathieu Rosemain

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up