Waste treatment group Veolia announced on Monday its deal with Australian investment fund Macquarie sold all the waste activities that the Suez group has in the UK in exchange for 2,400 million euros. In a statement, Veolia assessed the 3,400 million assets it had provided over the past year to satisfy “antitrust” doubts due to the merger between Veolia and Suez, an amount representing “almost all” of the assets required by the different competition authorities. .
The French company, which considers the position of the British Competition and Markets Authority (CMA) “stubborn”, will remain in England with a turnover of 2,000 million. Veolia explained that the operation would still depend on CMA’s approval and the elimination of the right of first refusal which was agreed upon during the merger process between Veolia and Suez.
With 2,400 million assets sold to Macquarie, Veolia will manage to reduce its level of influence, which will allow it “to have additional investment capacity to finance growth in strong value-added markets”. New Veolia has staff 220,000 employees in more than fifty countries and its annual turnover is around 38,000 million euros, which is an increase of more than 30% thanks to the merger of most of Suez’s businesses. This merger meant the integration at the beginning of 40,000 workers.
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