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Suez board believes approach by Veolia remains hostile

PARIS – French waste and water management company Suez SEVI.PA said on Sunday its board still considered Veolia’s takeover approach as a hostile move, despite the company’s conciliatory overtures.

Earlier on Sunday Veolia said it was committed to not launching a hostile bid for the remaining shares in Suez if it concludes a deal to buy a 29.9% stake in the company from Engie ENGIE.PA, and would endeavour to get Suez’s approval.

In a letter sent to Veolia’s chairman and CEO and made public, Suez Chairman Philippe Varin said the board had met on Sunday and had taken the view that Veolia’s approach remained a hostile one.

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