French energy and water giant Veolia announced on Sunday an offer worth 7.9 billion euros($9.5 billion) for the 70.1% of rival Suez it doesn’t already own, taking an aggressive stance in its long-running takeover bid.

The $9.5 billion offer is the latest in a long drawn out saga between the two massive French companies in which Veolia has manoeuvred to become Suez’s main shareholder.

With its new offer, it is renouncing attempts to win over its rival’s board and moving aggressively to shareholders.

It said in a statement it had decided on “a public takeover bid in cash” at a price of 18 euros ($21) per share.

Veolia, which in October bought 29.9% of Suez’s capital, “notes that its repeated attempts at friendliness, reiterated in its offer proposal of January 7, 2021, have all encountered opposition”.

It accused Suez of obstructing Veolia’s bid.

Suez responded by saying that the takeover bid would be “irregular and illegal”, with a spokeswoman saying it showed Veolia never intended to proceed in a friendly manner.

In January, Suez received an acquisition offer from investment firms Ardian and GIP as it fought off Veolia’s bid.

In the wake of the Ardian-GIP proposal, Veolia refused to withdraw.

Veolia’s takeover has the potential to create a global giant supplying power generation, waste management and water services to municipalities worldwide.