France's Veolia, about to buy Suez, posts higher Q1 profits

By Reuters7 days ago

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PARIS, May 5 (Reuters) - French utility Veolia VIE.PA, which last month agreed a 13 billion euros ($15.6 billion) merger deal with rival Suez SEVI.PA, posted higher first quarter earnings on Wednesday and kept its 2021 financial outlook.

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Veolia is off to a flying start in 2021. This excellent performance comes at a historical moment for our group, Veolia Chairman and Chief Executive Antoine Frerot said in a statement.

In April, Veolia finally struck a merger deal with Suez after months of wrangling between the two French waste and water management companies.

On April 11th, we signed an agreement to purchase Suez group and to create the undisputed world champion of ecological transformation, Frerot said.

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