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Veolia Offers $3.5 Billion for Suez Stake and Eyes Takeover

  • Veolia would sell Suez’s French water unit as antitrust remedy
  • Veolia would also sell shares to help fund full takeover bid
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Photographer: Chris J. Ratcliffe/Bloomberg
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Veolia Environnement SA offered 2.9 billion euros ($3.5 billion) for a 29.9% stake in French rival Suez SA, reviving an eight-year-old attempt to create a world leader in waste and water services.

Veolia offered to acquire the stake from energy giant Engie SA for 15.50 euros a share in cash, 27% more than where the target closed Friday, Veolia said in a statement Sunday. Suez said its board will meet “shortly” to consider the unsolicited bid. If the offer is successful, Veolia will make an offer for the rest, using the price paid to Engie as a reference point, and taking into account any subsequent significant events affecting Suez.