Veolia Environment signed an agreement for the acquisition of 29.9% of Suez from Engie
On October 5th 2020, Engie’s Board of Directors accepted Veolia’s offer to purchase the majority of Engie’s stake in Suez (29.9% out of a 31.7% stake) at a price of €18 per share (dividend included), representing a 75% premium over the unaffected price of July 30th, 2020 and a €3.4bn value.
As a reminder, this proposal was submitted on August 30th and continuously improved since (with a first offer of €15.5 per share) amidst continued Government involvement, the French State being shareholder of Engie at 24% and holding a third of voting rights.
The amount is payable immediately in cash and paves the way for a public tender offer on the remaining share capital of Suez, which would be the biggest takeover bid in France since Total / Elf Aquitaine in 2000.
This Transaction lays the foundation for the creation of a world leader in the ecological transformation, by initiating the gathering of two historical competitors on the water and waste industry.
As a reaction, Suez management has adopted a rare defense by transferring its French water activity to an independent Dutch foundation.
Veolia is the global leader in optimized resource management with c. 179,000 employees worldwide, designing and providing water, waste and energy management solutions which contribute to the sustainable development of communities and industries.
This Transaction further strengthens Messier Maris & Associés strong leadership in advising complex transactions to global corporate players as well as its longstanding relationship with Veolia.