Veolia has been prevented from filing a non-friendly public offering for rival Suez, a judge has ruled, slamming the breaks on the controversial proposed takeover.
Following the ruling in the Nanterre Tribunal, Suez said: “Veolia is not in a position to file a tender offer.”
The decision means that the voting rights, acquired by Veolia when it purchased a 29.9% stake in Suez from Engie last year, have been suspended under competition law.
The long and bitter saga took a turn last month when Veolia’s CEO wrote an open letter to Suez looking to reopen communication channels. Suez countered this olive branch, with an offer by Ardian-GIP to buy out Veolia’s stake – a move that was flatly rejected by Veolia.
Veolia said that it remains “available to discuss with Suez employees on its merger project” and reaffirmed its “determination to complete the creation of a world champion in ecological transformation”.