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4/12, 10:34 AM (Source: TeleTrader)
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SUEZ, Veolia announce merger agreement

Boards of directors of SUEZ S.A. and Veolia Environnement S.A. reached an agreement on the key terms and conditions of the merger between the two groups, according to an official announcement by SUEZ on Monday.

SUEZ and Veolia agreed on a price of €20.50 per SUEZ share, "conditional upon the signature of the Combination Agreement." According to the deal, the new SUEZ would be owned by a group of shareholders who will mostly be from France. Among the shareholders will be financial partners and employees from both groups. The agreement "will enable the construction of the world champion of ecological transformation around Veolia, offering France a reference player in a sector that is probably the most important of this century," Veolia Chairman and CEO Antoine Frerot (pictured) stated.

SUEZ and Veolia will enter into definitive merger agreements by May 14. After the announcement, Veolia's shares rose by 6.42% at 10:00 CET, selling for €24.03, while SUEZ's stock rose by 7.70% at 10:05 CET, selling for €19.88.

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