French waste and water management company Suez is pressing ahead with asset sales as it works out a response to what it sees as a hostile bid from rival Veolia .
Suez said it was entering exclusive talks to sell for an enterprise value of 1.1 billion euros its Recycling & Recovery operations - excluding plastic recycling and hazardous waste treatment activities - in the Netherlands, Luxembourg, Germany and Poland to PreZero, the environmental division of German retailer Schwarz Group.
“With this new announcement, Suez has now achieved around 40% of the asset rotation target announced last October as part of its Suez 2030 strategic plan and has found, with PreZero, a new environment that will benefit to the development of the business and its employees,” the statement said.
Suez’s board and management have rejected the offer and said the company was considering alternatives.
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