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Veolia, Suez end hostile takeover battle with €12.8B deal

April 13, 2021

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French water and waste management company Veolia has agreed to buy its rival Suez in a deal valuing the company at €12.8 billion. The agreement comes after a bitter monthslong battle that started when Veolia first launched its takeover bid.

The offer of €20.50 per share is nearly 14% higher than the €18-per-share price that Veolia initially offered to pay in October, when it picked up Engie's 29.9% stake in Suez.

Suez, which has previously described the bid as "hostile," had been pushing an offer from Ardian as an alternative. Last month, the Financial Times reported that Ardian and Global Infrastructure Partners had offered to pay €11.9 billion for a large stake in Suez.

The combined entity is expected to generate annual revenue of around €7 billion. In a statement, Veolia CEO and chairman Antoine Frerot said: "The time for confrontation is over, the time for combination has begun."

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