Veolia/Vinci Land grab or land fill?

Veolia is trying to tighten its bear hug on Vinci. But it still looks like a soft squeeze. The French construction firm has already rejected the French water firm’s first suggestion of a merger as hostile. Veolia insists its approaches are friendly. More importantly, Veolia has come out with a headline synergy number that suggests a merger could create value. Yet there are no details about where these E700m of benefits would come from. Veolia needs to spell them out if its approach is to be take...