France is still trying to end the conflict between Veolia and Suez, source says


FILE PHOTO: Bruno Le Maire, French Minister for the Economy, Finance and Recovery, wearing a protective mask, attends questions at the government session at the National Assembly in Paris, France, September 15, 2020. REUTERS / Charles Platiau / File photo

PARIS (Reuters) – The French state is still trying to end disagreements between public services Veolia and Suez days before a deadline, a source close to Finance Minister Bruno Le Maire said on Saturday.

Veolia offered last month to pay energy group Engie 2.9 billion euros ($ 3.37 billion) for a 29.9% stake in Suez, with a view to subsequently taking full control of its rival by buying more shares, a move that Suez considers hostile.

Veolia’s offer remains valid until September 30.

“There have been several conversations … The goal remains to find common ground and end the conflict,” the source told Reuters.

The French state has a 23.6% stake in Engie and has tried to ease tensions. Engie, which owns nearly 32% of Suez, rejected Veolia’s initial advance but said it would consider a higher offer.

Report by Benjamin Mallet; Written by Matthias Blamont; Edited by Andrew Heavens


Please enter your comment!
Please enter your name here