On January 7, 2021, Veolia Environment SA announced that it has sent Suez a public-offer proposal regarding the 70.1% stake and this formal proposal describes all the elements of the industrial project, the social project and the financial conditions that Veolia will offer when the offer is actually submitted. In a letter to the Company, Veolia stated that it will launch a voluntary public tender offer at 18 euros ($22.19) a share, the price at which it agreed to buy the initial stake from Engie. The Company added that it intends to complete the merger in 9 to 15 months, but that it cannot yet make a formal offer since the Company board is standing in its way.