France's Veolia raises its offer on Suez to 18 euros per share

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PARIS (Reuters) – French waste and water management Veolia VIE.PA said on Wednesday it raised its offer to buy a 29.9% stake in smaller rival Suez SEVI.PA to 18 euros per share from 15.5 euros per share.

The company also said in a statement that its intention to launch a tender offer would only take place upon a favorable recommendation of the board of directors of Suez.

Veolia offered last month to buy the bulk of Engie’s ENGIE.PA stake in Suez to create a “world champion of ecological transformation”.

Engie owns almost 32% of Suez.

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