By Giulia Petroni 
 

Engie SA said Thursday that Veolia Environnement SA's offer for its 29.9% stake in Suez SA can't be accepted under the proposed terms.

The French energy company said the board has mandated Chairman Jean-Pierre Clamadieu and interim Chief Executive Claire Waysand to seek improved offer terms from Veolia. However, no alternative proposal has been submitted to date, it said.

The chairman and interim CEO will study any alternative offer that will be sent to Engie, the company added.

"The board will pay very close attention to the fair valuation of this equity ownership, as well as to the strength of the industrial project and the guarantees provided to all stakeholders," Mr. Clamadieu said.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

September 17, 2020 10:27 ET (14:27 GMT)

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