French waste and water management firm Suez said on Friday its board had unanimously rejected Veolia’s offer of 18 euros per share, formalising opposition to a bid after months of wrangling between the rivals.
Veolia has argued its bid, which values Suez at 11.3 billion euros ($13.7 billion), would help create a global champion to take on rivals emerging in China and help develop new areas of recycling to respond to environmental concerns.
Veolia bought a 29.9% stake in Suez last October as a prelude to launching a full takeover offer, which it tabled earlier in February.
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