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SUEZ

(SEV)
Real-time Euronext Paris  -  11:35 2022-01-27 am EST
19.83 EUR   -0.25%
08/08Macquarie Asset Management Inc. agreed to acquire Recycling and Waste Recovery UK from Suez SA for €2.4 billion.
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06/16Veolia Reportedly Attaches $2.4 Billion Price Tag on Suez UK Business Sale
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06/08Suez SA along with Royal Bafokeng Holdings Limited and The Ideas Managed Fund managed by African Infrastructure Investment Managers Ltd. signed a binding agreement to acquire Enviroserv Waste Management Ltd.
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Suez, Veolia Reach Agreement on $15.60 Billion Merger -- Update

04/12/2021 | 02:29am EDT

--Suez, Veolia reached an agreement in principle to merge after months of wrangling

--Deal values Suez at around EUR13.11 billion

--Companies agreed to enter into definitive merger agreements by May 14

By Mauro Orru

Suez SA and Veolia Environnement SA have reached an agreement in principle to merge that values Suez at around $15.60 billion, putting an end to months of acrimony and legal battles between the two French companies.

Waste and water management firm Suez said Monday that it had agreed with Veolia on Sunday night to enter into definitive merger agreements by May 14 at a price of 20.50 euros ($24.40) per Suez share, valuing Suez at around EUR13.11 billion.

Under the deal, the companies will withdraw all legal proceedings and terminate agreements for disposals, such as a recent deal for Suez to sell its recycling-and-recovery business in Australia to Cleanaway Waste Management Ltd.

"This agreement is beneficial for everyone: it guarantees the long-term future of Suez in France in a way that preserves competition, and it guarantees jobs. All stakeholders in both groups are therefore winners. The time for confrontation is over, the time for combination has begun," Veolia Chief Executive Antoine Frerot said.

Suez and Veolia have been at loggerheads since the end of last summer after Veolia launched an initial bid for a 29.9% stake in Suez from Engie SA at EUR15.50 a share as a prelude to a full takeover, with Suez management quickly rebutting the "hostile" bid.

Suez moved to prevent a future spinoff of its French water operations, placing these in a newly created foundation based in the Netherlands.

The latest agreement effectively nullifies the Netherlands-based foundation, in line with Veolia's plan to create a global "champion of ecological transformation," with revenues of around EUR37 billion.

News of the agreement appeased investors, with both Suez and Veolia rising more than 5% in morning trading in Paris.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

04-12-21 0429ET

Stocks mentioned in the article
ChangeLast1st jan.
CLEANAWAY COMPANY LIMITED -0.56% 178.5 End-of-day quote.-23.55%
CLEANAWAY WASTE MANAGEMENT LIMITED -1.09% 2.71 Delayed Quote.-13.42%
DOW JONES INDUSTRIAL -0.86% 33706.74 Real-time Quote.-6.44%
ENGIE 0.12% 12.938 Real-time Quote.-0.58%
VEOLIA ENVIRONNEMENT -0.90% 24.13 Real-time Quote.-25.20%
WASTE MANAGEMENT -0.38% 174.32 Delayed Quote.4.45%
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08/08Macquarie Asset Management Inc. agreed to acquire Recycling and Waste Recovery UK from ..
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06/16Veolia Reportedly Attaches $2.4 Billion Price Tag on Suez UK Business Sale
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Managers and Directors
Sabrina Soussan Chief Executive Officer
Thomas Devedjian Chief Financial Officer
Sophie L'Hélias Chairman
Jean-Marc Boursier Financial Controller-SITA France
Delphine Ernotte Cunci Independent Director
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