Veolia Environnement SA, the French waster & water management firm, has proposed to purchase the stakes in Suez SA, making itself ready to be the world pioneer in its waste sector. The bid is for a 29.9% stake to buy the remainder of Suez SA.
The French firm offered the purchase to Engie at 15.5 Euro a share, which is 27% higher than the Friday closing session targets and 50% up to its trading price before Engie announced to sell its stake in July as part of major asset sale program.
The full bid would value Suez SA at $11.6B (or 9.7 billion euros). The proposal is valid until September 30. The French administration has earlier rejected to approve the previous similar merger attempt citing major job cuts and the offer by Veolia revives it.