The French water and waste-treatment conglomerate Veolia and its rival Suez announced Monday they had agreed on the terms of a merger to create a global champion in the sector.

After months of waging a battle in the media and the courts, Veolia finally won over Suez with an offer of 20.50 euros per share, up from its original offer of 18 euros.

In a statement it said a shift of assets would create a Veolia with 37 billion euros in annual revenue to move forward the company's "plan to create a global champion of ecological transformation".

Veolia wants to become a global giant supplying power generation, waste management and water services to municipalities worldwide.

A new Suez would have 7 billion in annual revenues.

Veolia already bought 29.9 percent of Suez's capital in October.

Share prices in both companies jumped higher following the announcement, with Suez gaining 7.6 and Veolia rising 6.3 percent.

The blue-chip CAC 40 index in Paris was 0.2 percent lower in morning trading.

mch/rl/ach

VEOLIA ENVIRONNEMENT

SUEZ

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