News Formal

Suez shares surge on French rival Veolia's takeover bid

  • 📰 Reuters
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Shares in French waste and water management company Suez rose nearly a fifth on Monday after a takeover approach from larger peer Veolia , which wants to bulk up as competition from rivals, including in China, grows.

The logo of the Veolia is seen at Chatillon, near Paris, France, August 31, 2020. REUTERS/Charles Platiau

If the offer is accepted by Engie, Veolia will formally bid for the rest of Suez, in a deal which would give Suez an enterprise value, which includes debt, of around 20 billion euros . “Consolidation is going to continue,” Frerot said on a call with journalists. “We will one day very certainly see a global Chinese player emerge.”

Veolia - which said it aimed to finance the stake acquisition in cash and would consider a capital increase and new debt for the rest of the takeover - said on Sunday it had already identified competition issues, and had found a buyer for Suez’s French water activities, French infrastructure fund Meridiam, for an undisclosed amount.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European shares rise on oil gains, French utility playsEuropean shares rose on Monday as heavyweight oil and gas players were supported by higher crude prices and merger talks in major French utilities saw the sector outperform regional peers.
Source: Reuters - 🏆 2. / 97 Read more »