BJWTY - Veolia And Engie Shareholders Should Gain From A Suez Takeover

Last week, Veolia offered to buy its rival Suez, in order to create a global leader in water and waste management services. Veolia (OTCPK:VEOEF, OTCPK:VEOEY) would start by acquiring the majority of Engie's (OTCPK:ENGIY, OTCPK:GDSZF, OTCPK:ENGQF) 32% stake in Suez (OTCPK:SZEVF, OTCPK:SZEVY, OTCPK:SZSAY) at a price of €15.5 per share, and follow with a full takeover.

Assuming that the takeover materializes, who would benefit most? In my opinion, even if Suez's shareholders could get an improved offer in the short term, there is a

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