Suez raises its mid-term financial targets

© Reuters. FILE PHOTO: The logo of Suez is seen on the top of a building in Rueil-Malmaison

PARIS (Reuters) – French waste and water management Suez (PA:), which is fighting a takeover bid from rival Veolia (PA:), on Tuesday raised its mid-term financial targets and vowed to return one billion euros ($1.18 billion) to shareholders.

“The implementation of Suez’ strategy announced in 2019, is delivering tangible results already this year on several workstreams, allowing the group to bring the overall timeline forward,” Suez said in a statement.

“The performance program is now aiming for 1.2 billion euros in annual savings by 2023, of which 900 million to be achieved by 2022,” the group said, adding there would be “an exceptional dividend or share buyback of at least one billion euros as soon as possible, and by no later than the first half of 2021.”

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