The Moroccan Capital Market Authority (AMMC) announced on Tuesday that the company Veolia Environnement SA has submitted to the AMMC a project for a public offering for the mandatory acquisition of Lydec shares.
“In accordance with article 28 of Law 26-03 relative to public offerings in the securities market, modified and added, the AMMC informs the public that the company Veolia Environnement SA, acting in concert with the company Sonate Bidco, has submitted to the AMMC a draft mandatory public offering of Lydec shares”, indicates the Authority in a notice published on its site.
As a result of this filing, the AMMC asked the Casablanca Stock Exchange to suspend the listing of Lydec’s shares, the same source said.
This mandatory takeover bid was presented after the threshold of 40% of Lydec’s voting rights was crossed by Veolia Environnement SA in the framework of the delivery-payment of the takeover bid launched in France by Veolia Environnement SA about Suez SA, which intervened on January 18, specifies the press release.
“According to the provisions of article 31 of the aforementioned law, the AMMC has 15 working days to examine the origin of this project. Said term is suspended due to the requests for information and justifications required by the AMMC”, underlines the same source.
“If the public offering project is declared admissible, its main provisions will be published in an admissibility notice,” says the AMMC, adding that the publication of this notice marks the beginning of the offer term.