It looked like a done deal, but waste management giant Veolia has been forced to sell Suez UK to a French consortium instead.
| Macquarie Group has been elbowed aside by a rival bidder in the £2 billion race to buy British waste management business Suez RecyclingMacquarie had wrapped up the mega-deal in early August, but a rival consortium on Wednesday night exercised its right of first refusal, tipping the Australian financial services firm out of the driver’s seat.Jonathan Carroll
As part of that merger deal, the new company Suez SA - created to ensure the mega-merger was approved by European competition regulators - ensured it had first dibs if Veolia decided to offload the Suez UK operation.R is Britain’s third-largest waste recycling and recovery company, employs 5700 people, has an annual turnover of £900 million, and handles 12 million tonnes of waste a year.
Macquarie last year used its €6 billion Macquarie European Infrastructure Fund No.6 vehicle to buy Irish waste recycler and processor Beauparc Utilities, which has 40 facilities processing 3 million tonnes of rubbish per year. Suez SA does not have a significant British operation that would ring alarm bells at the CMA, and will become a significant rival to Veolia in the British market.
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