Cleanaway Waste Management logo

CWY - Cleanaway Waste Management News Story

A$2.8 0.0  1.1%

Last Trade - 07/05/21

Sector
Industrials
Size
Large Cap
Market Cap £3.23bn
Enterprise Value £3.78bn
Revenue £1.29bn
Position in Universe 99th / 1907

UPDATE 1-Australia's Cleanaway to buy Suez's local recovery, recycling unit for $1.93 bln

Tue 6th April, 2021 12:11am
(adds details on business, background)
    April 6 (Reuters) - Australia's Cleanaway Waste Management
 CWY.AX  said on Tuesday it would acquire the local recycling
and recovery business of French waste and water management firm
Suez  SEVI.PA  for A$2.52 billion ($1.93 billion). 
    The business includes several infrastructure assets, a
workforce of more than 2,000 employees and a fleet of more than
1,000 vehicles, Cleanaway said. It had been in talks with Suez
for buying its local assets since March.  urn:newsml:reuters.com:*:nL3N2L212D
    However, hurdles for the deal remain as Paris-based Suez is
involved in a takeover tussle with domestic rival Veolia
 VIE.PA .
    Suez in February rejected an 11.3 billion euros ($13.35
billion) takeover bid by Veolia, and since then, the two
companies are struggling to agree how to carve up Suez's
business and have clashed in court over it.  urn:newsml:reuters.com:*:nL1N2KW0HX
 urn:newsml:reuters.com:*:nL1N2LJ0D7
    Suez may terminate the acquisition by May 6 in case it
reaches a deal in principle for a takeover of the firm by
Veolia, Melbourne-based Cleanaway said.
    In case a superior offer for the assets is made and not
matched by Cleanway, then Suez may terminate the deal earlier. 

($1 = 1.3067 Australian dollars)
($1 = 0.8466 euros)

 (Reporting by Shruti Sonal in Bengaluru; Editing by Anil
D'Silva)
 ((Shruti.Sonal@thomsonreuters.com; Twitter: @shrutisonal26;))
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