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Veolia offered to acquire the stake from Engie for 15.50 euros a share in cash, 27% more than where the target closed on Friday and a 50% premium to where it traded before Engie said it was planning a major asset sale program in July, Veolia said in a statement Sunday. The offer runs until Sept. 30.
A full bid, valuing Suez stock at 9.7 billion euros ($11.6 billion), would seek to revive a previous merger attempt that the French government declined to approve in the face of heavy job cuts.
“This project is part of a friendly approach, as we share with Suez the same profession, the same culture and the same values,” Veolia Chief Executive Officer Antoine Frérot said.
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