Australia’s Cleanaway Waste Management said on Tuesday it would acquire the local recycling and recovery business of French firm Suez for A$2.52 billion ($1.93 billion), a deal that is expected to draw fresh ire in a takeover tussle for the latter.
Paris-based Suez in February rejected an 11.3 billion euros ($13.35 billion) takeover bid by domestic rival Veolia. Since then, the two companies have struggled to agree how to carve up the waste and water management company’s business and have clashed in court over it.
Suez may terminate the sale by May 6 if it reaches an agreement in principle for a takeover of the firm by Veolia, the companies said on Tuesday. In such a scenario, Cleanaway will instead buy a portfolio of Suez’s post-collection assets in Sydney for A$501 million.
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