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EDF, Veolia agree terms of joint venture split
March 25, 2014 / 8:46 PM / in 4 years

EDF, Veolia agree terms of joint venture split

PARIS (Reuters) - French utility EDF (EDF.PA) and water-and-waste-management company Veolia (VIE.PA) said they had agreed on how to split up their Dalkia energy services joint venture after months of talks.

The logo of French state-owned electricity company EDF, is seen on the France's oldest nuclear power station of Fessenheim, November 14, 2013 . REUTERS/Vincent Kessler

The terms of the split, which will see EDF acquire all of Dalkia’s French activities and Veolia take over Dalkia’s activities abroad, are in line with an outline announced by the companies in October, they said in a statement on Tuesday.

The completion of the deal still requires regulatory approval.

The process of unwinding Dalkia has been exposed to a broader conflict between EDF Chief Executive Henri Proglio - who formerly ran Veolia - and Veolia’s current CEO Antoine Frerot, Proglio’s former right-hand man, according to press reports.

Reporting by Lionel Laurent; Editing by Anthony Barker

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