French conglomerate Veolia and rival Suez said Friday they had signed a deal on the outlines of their merger to create a global champion in water services and waste management.

In a statement confirming an announcement earlier this week of an offer of 20.50 euros ($24.90) per Suez share, the companies said the deal would power Veolia's growth goals while leaving a smaller but "coherent and sustainable" Suez.

Veolia chief Antoine Frerot hailed the agreement, under which his company will acquire a large part of Suez, as a "win-win" for the two companies.

It would leave his firm free to pursue its ambition of becoming "the world champion of ecological transformation", slated to have annual revenues of 37 billion euros and 230,000 employees worldwide.

The company wants to become a global leader in helping firms and cities reduce their environmental impact, including by recycling treated waste and reducing the use of resources.

Veolia's 20.50-per-share offer was the breakthrough after months of bitter battles in the media and courts, topping a previous 18-euro bid.

The battle between the two companies was primarily over what would happen to Suez in the tie-up.

Under the final terms, Suez's remaining activities will mainly cover waste and water in France plus water in Italy, Senegal, China and India, leaving it with around 7 billion euros in annual revenue.

French investment fund Meridiam and US-based GIP will each own 40 percent of the new Suez, with the remainder held by France's public Caisse des Depots.

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