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    SEV   FR0010613471

SUEZ

(SEV)
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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.
ENGIE 1.16% 12.53 Real-time Quote.-1.07%
SUEZ 0.05% 19.85 Real-time Quote.22.32%
VEOLIA ENVIRONNEMENT 1.40% 26.1 Real-time Quote.28.64%
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Financials
Sales 2021 16 998 M 20 504 M 20 504 M
Net income 2021 412 M 497 M 497 M
Net Debt 2021 9 808 M 11 830 M 11 830 M
P/E ratio 2021 33,9x
Yield 2021 3,35%
Capitalization 12 687 M 15 295 M 15 304 M
EV / Sales 2021 1,32x
EV / Sales 2022 1,28x
Nbr of Employees 81 689
Free-Float 52,3%
Chart SUEZ
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Suez Technical Analysis Chart | MarketScreener
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Technical analysis trends SUEZ
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 9
Average target price 18,78 €
Last Close Price 19,84 €
Spread / Highest target 3,33%
Spread / Average Target -5,37%
Spread / Lowest Target -22,4%
EPS Revisions
Managers and Directors
NameTitle
Bertrand Camus Chief Executive Officer & Director
Julian David Waldron Chief Financial Officer
Philippe Varin Chairman
Jean-Marc Boursier Chief Operating Officer
Delphine Ernotte Cunci Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
SUEZ22.32%15 219
WASTE CONNECTIONS, INC.20.22%32 377
GFL ENVIRONMENTAL INC.8.11%10 684
CHINA CONCH VENTURE HOLDINGS LIMITED-2.65%8 525
STERICYCLE, INC.10.51%7 031
CLEANAWAY WASTE MANAGEMENT LIMITED17.87%4 484