Suez CEO Rebuffs Veolia Offer, Says Waste Project Is Absurd
- Veolia’s project underestimates competition risks, Camus says
- Suez is working on plans to find buyers for Engie’s stake
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Suez SA Chief Executive Officer Bertrand Camus rebuffed a takeover approach by Veolia Environnement SA aimed at building a French environmental-services giant, saying it undervalues the company and risks running into antitrust obstacles.
Veolia offered last week to buy a 29.9% stake in Suez from Engie SA, the first step toward a full takeover to create a water and waste-treatment company with more than 40 billion euros ($47 billion) in revenue. Veolia said the 2.9 billion-euro offer is part of a strategy to fend off Chinese competition.