Deals
Suez Under Pressure as Veolia Moves Ahead With Takeover Plan
- French government urges utilities to hold constructive talks
- Suez remains fiercely opposed to what it calls a hostile bid
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French water utility Suez SA and its suitor Veolia Environnement SA came under increasing political pressure to end hostilities and begin talks on a friendly takeover after the latter snapped up a 29.9% stake.
Veolia’s successful bid for Suez shares from Engie SA set the stage for what could be a long and acrimonious corporate battle for full control. Suez, which has pushed back against Veolia ever since its initial approach in August, reaffirmed Tuesday it will do all it can to avoid a “creeping takeover,” while the French government called for a cease-fire.