SZEVF - Veolia rejects latest Suez offer won't sell 29.9% stake it already owns

Veolia Environnement (VEOEY) rejected a proposal by Suez (SZEVF) to negotiate a takeover if the two companies agreed on the sale of several Suez assets including its water unit and recycling-and-recovery activities in France to the consortium of investment funds Ardian and Global Infrastructure Partners.Suez says the consortium proposed to pay €20/share ($23.81) in cash, which amounts to an enterprise value of €15.8B.Replying to Suez's proposal, Veolia said it is not interested in the dismantling of Suez, and it will not sell or exchange the 29.9% stake that it already owns in its smaller rival.The two sides have been in a standoff for months as Suez has rebuffed Veolia's attempts to fully take over the company, citing its approach as "hostile."

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Veolia rejects latest Suez offer, won't sell 29.9% stake it already owns