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The headquarters of Suez SA and illuminated skyscraper office widows at dawn in the La Defense business district in Paris, France, on Monday, Jan. 4, 2021. France is doing all it can to avoid a third Covid-19 lockdown, which would further hurt an economy already battered by the coronavirus pandemic, according to Budget Minister Olivier Dussopt.
(Bloomberg) -- Veolia Environnement SA offered to buy French water utility Suez SA in a deal that values its rival at 11.3 billion euros ($13.6 billion), opening another chapter in a saga that has gripped the French business world.
In a statement late Sunday, Veolia expressed its exasperation at the Suez board and said it will take its offer direct to shareholders. It's bidding 18 euros a share for the 70.1% of the company it doesn't already own.
"The tender offer was the only decision likely to respond both to the repeated requests of Suez's management and to provide employees, customers and shareholders of both groups with an unambiguous, transparent and definitive clarification, Veolia said.
It's yet another twist in a months-long battle between the water and waste industry competitors, a contest that's playing out in the boardroom, the courts and the French political arena.
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