France's Suez takes stake in Chinese water firm

0 Comments | AFP, April, 2008

SHANGHAI (AFP) — The French energy and environment group Suez said Monday it had signed a deal to acquire with its partner a stake worth 1.5 billion yuan (214 million dollars) in a state-run Chinese water company.

Suez Environment and Hong Kong partner, New World Services, will acquire a 15 percent stake in Chongqing Water Group, a major supplier of water services to the southwestern municipality with 32 million residents.

"We are excited to further strengthen our relationship through this investment, and look forward to developing services for the people and industries of Chongqing," said Jean-Louis Chaussade, Suez Environment CEO.

Suez currently manages the water supply in 16 cities for nearly 14 million Chinese residents as well as 14 million in France.

© 2008 AFP

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