After some initial hesitation regarding an unsolicited takeover bid for Engie’s stake in rival Suez earlier this month, Engie has declined the offer, saying it was too low, according to Reuters.
French water and waste management company Veolia submitted a pre-bid offer of €2.9 billion ($3.45 billion), promising to enter a formal bid for the rest of Suez if Engie accepted.
The deal gave Suez an enterprise value of around €20 billion ($23.8 billion), including debt, however Suez said the offer carried “great uncertainty” and raised concerns about the future of water treatment and distribution activities in France.
According to Reuters, Engie found some elements of Veolia’s offer attractive, however the company is also looking to examine additional offers that arise.
