Court puts brakes on Veolia’s Suez takeover

Suez has taken measures “to avoid the dismantling of the Suez group in light of the threat of Veolia and its allies taking control of Suez”.

Suez has taken measures “to avoid the dismantling of the Suez group in light of the threat of Veolia and its allies taking control of Suez”.

The announcement comes as the Paris Court of Appeals suspended Veolia’s planned purchase of Suez shares currently owned by Engie.

“Suez has taken note today of the order of the President of the Nanterre Commercial Court preventing provisory Suez from making this mechanism irrevocable,” the company said, adding that the president of the court has called for Suez’s employees to be properly informed and consulted.

As previously reported, Veolia recently launched a bid that would amount to a complete takeover bid of Suez. Suez has rebuffed previous attempts but Veolia said it was “convinced that we will manage to persuade the board of directors of Suez”.