After months of back-and-forth following an unsolicited takeover bid by Veolia for rival global water and waste group Suez, the companies have agreed to begin definitive merger proceedings by May 14.
According to a joint statement, the two companies agreed on a price of €20.50 ($24.30) per Suez share, a sweeter offer than the original. The merger agreement will result in the creation of a new Suez, made up of assets forming a coherent and sustainable group from an industrial and social standpoint, which will be owned by a group of shareholders.
This group will include financial partners from both companies, and the majority of the shareholders of the new Suez will be French.
“We have been calling for a negotiated solution for many weeks, and today we have reached an agreement in principle that recognizes the value of Suez,” said Philippe Varin, chairman of Suez. “We will be vigilant to ensure that the conditions are met to reach a final agreement that wi