Cleanaway (ASX:CWY) accused of having unfair advantages with Suez

Company News

by Michael Luu

Australian waste management company Cleanaway (ASX:CWY) has been accused, by its French competitor Veolia (EPA:VIE), of having unfair advantages in purchasing Suez’s recycling and recovery assets in Australia.

A recent media release by the French water, waste and energy management firm to Euronext Paris stock exchange has claimed that “ Suez still seems to want to do everything possible to make it impossible to reach an agreement with Veolia”. Veolia deems the $2.5 billion price tag that Suez Groupe has set for Cleanaway (ASX:CWY), as “depriving itself of a profitable asset in an attractive region”. Suez has till May 6, 2021, to take the U-turn to Veolia, should the company be swayed by the French suitor’s more favorable terms.

Shares in Cleanaway Waste Management (ASX:CWY) are trading 1.96 per cent lower at $2.50