Veolia is offering to acquire 29.9% of Suez from Engie

Veolia is offering to acquire 29.9% of Suez from Engie, to create the French world champion of ecological transformation. This all-cash proposal at a price of €15.50 per share represents a 50% premium on the Suez share price on July 30, the day before Engie's announcement.

Veolia (VIE) announced today that it has made a firm offer to Engie for the acquisition of 29.9% of the Suez shares it holds. This offer follows Engie's announcement on July 31, 2020 of the launch of a strategic review including its stake in Suez. This offer at a price of €15.50 per Suez share, which can be implemented immediately, is valid until September 30, 2020. The proposed price of Euro 15.50 per share represents a premium of 50% over the closing price of Suez on July 30, unaffected by the announcement of Engie's intentions.

This offer, unanimously approved by Veolia's Board, would be paid in cash. If it is accepted by Engie, Veolia intends, following the acquisition of the 29.9% of Suez shares, to file a voluntary tender offer for the remaining Suez shares. The filing of this voluntary tender offer will be completed as soon as the necessary regulatory authorizations, in particular with respect to competition, have been obtained within 12 to 18 months. Veolia reserves the right to file the public offer at any time before obtaining these authorizations. In accordance with stock exchange regulations, the characteristics of the public offer and in particular its price will be determined at the time of its filing. The price will take into account the price paid to Engie for its 29.9% block of shares, which is an important reference, and, as the case may be, any subsequent significant events affecting Suez. Veolia's proposal to Engie includes a commitment by Engie to contribute its remaining 1.8% stake in Suez to the public offer. The entire transaction would be accretive from the first year. Group debt would remain under control, enabling Veolia to maintain its Investment Grade profile.