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CWY - Cleanaway Waste Management News Story

A$2.8 0.0  1.1%

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Sector
Industrials
Size
Large Cap
Market Cap £3.18bn
Enterprise Value £3.72bn
Revenue £1.28bn
Position in Universe 99th / 1907

EXCLUSIVE-Schwarz set to win EU antitrust okay for Suez asset buy - sources

Wed 7th April, 2021 2:20pm
(Adds the European Commission declines comment, Suez and
Schwarz did not immediately respond to requests for comment)
    By Foo Yun Chee
    BRUSSELS, April 7 (Reuters) - French waste and water
management company Suez  SEVI.PA  is set to get a green light
from the European Union to sell its recycling business in four
EU countries to Lidl-owner Schwarz, two people familiar with the
matter said on Wednesday.
    The deal comes as Suez battles a hostile takeover bid from
rival Veolia  VIE.PA , which has criticised the sale of assets
it considers strategically important.
    Suez announced in September the sale of its Recycling &
Recovery operations in the Netherlands, Luxembourg, Germany and
Poland to Schwarz as part of its 2030 strategic plan.
    The deal does not include Suez's plastic recycling and
hazardous waste treatment activities. 
    The EU competition enforcer, which is scheduled to decide on
the deal by April 14, declined to comment. Suez and Schwarz,
which also owns German retail chain Kaufland, did not
immediately respond to requests for comment.
    Schwarz, whose PreZero environmental division is making the
acquisition, last month offered to sell assets to address the
European Commission's competition concerns, another source had
told Reuters, declining to provide details.
    Earlier this month, Suez clinched a deal to sell its
Australian recycling and recovery business to Australia's
Cleanaway Waste Management  CWY.AX , which also drew criticism
from Veolia.  urn:newsml:reuters.com:*:nL4N2LY2DU

 (Reporting by Foo Yun Chee. Additional reporting by Gwenaelle
Barzic in Paris and Matthias Inverardi in Duesseldorf. Editing
by Mark Potter)
 ((foo.yunchee@thomsonreuters.com; +32 2 287 6844; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))
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