Unanswered questions

2 March 2006 By Simon Nixon

Did the French water group pull out of its joint bid with Italy s Enel for French utility Suez because it was nobbled? Or was it offered something juicy in return?

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French water group Veolia pulled out of advanced joint bid talks with Italy's Enel for French utility Suez without giving any explanation, according to Enel. Veolia had itself initiated the joint bid talks, which would have seen Veolia acquire Suez's international water businesses and Enel acquire Suez's Belgian electricity subsidiary Electrabel. The bid talks had reached a sufficiently advanced stage that Veolia informed French finance minister Thierry Breton on January 15, according to Enel.

Veolia refused to comment.

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