VEOEY - Veolia's hostile takeover offer for Suez suspended by French court

Veolia Environnement (VEOEY) was ordered by a French court to suspend its hostile attempt to buy Suez (SZEVY), the latest escalation in the long-running takeover battle between the rival French environmental services firms.Veolia must hold off on making any bid that has not been approved by Suez's board until a case has been heard, a court in Nanterre rules in an interim decision.Suez argues that Veolia's move to take its takeover offer directly to shareholders was "illegal" following a commitment the company made in court to keep matters amicable.Veolia announced late Sunday that it will make a hostile bid for Suez, offering to pay €18/share for the 70.1% of the company it does not already own.

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Veolia's hostile takeover offer for Suez suspended by French court