Stock Market News

Veolia Shares Move Higher After Suez U.K. Asset Sale Agreed

2022.08.08 11:06

Veolia Shares Move Higher After Suez U.K. Asset Sale Agreed

By Scott Kanowsky

Investing.com — Shares in Veolia Environnement SA (EPA:VIE) rose by more than 2% on Monday after the French utility announced it had agreed to sell Suez’s U.K. waste management business for €2.4B to Australia’s Macquarie Group (OTC:MQBKY).

The move, which values the unit at 16.9 times its 2021 normalized core earnings, comes as Veolia looks to quell concerns from British antitrust regulators following its planned merger with Suez.

“We are very satisfied with this transaction, which is being carried out under excellent conditions that once again demonstrate the attractiveness of the environmental services business and the relevance of our proposal for remedies to the CMA,” said Veolia chief executive officer Estelle Brachlianoff in a statement.

The U.K. Competition and Markets Authority will still need to approve the deal.

Brachlianoff added that Veolia will remain a “major player” in the U.K. waste management market with revenues of around €2B.

Veolia’s disposals to remedy competition worries stemming from its tie-up last December with Suez will amount to €3.4B after the agreement is finalized, the company said. Veolia took an 86% stake in Suez after the €13B merger closed in early January.

The group’s debt leverage will also decline significantly, giving Veolia “additional investment capacity to finance growth in high value-added markets.”

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 83,715.43 0.68%
ethereum
Ethereum (ETH) $ 1,907.03 1.00%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.36 0.90%
bnb
BNB (BNB) $ 629.80 3.63%
solana
Solana (SOL) $ 128.96 4.81%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.716358 3.33%
dogecoin
Dogecoin (DOGE) $ 0.172733 1.20%
tron
TRON (TRX) $ 0.212721 3.31%
staked-ether
Lido Staked Ether (STETH) $ 1,905.27 1.12%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,548.38 0.67%
pi-network
Pi Network (PI) $ 1.40 6.48%
leo-token
LEO Token (LEO) $ 9.80 0.77%
the-open-network
Toncoin (TON) $ 3.57 3.35%
chainlink
Chainlink (LINK) $ 13.71 2.11%
stellar
Stellar (XLM) $ 0.272053 0.66%
usds
USDS (USDS) $ 1.00 0.02%
hedera-hashgraph
Hedera (HBAR) $ 0.194649 1.68%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,286.19 0.78%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 3.87%
avalanche-2
Avalanche (AVAX) $ 18.63 5.46%
sui
Sui (SUI) $ 2.31 1.26%
litecoin
Litecoin (LTC) $ 93.92 1.77%
mantra-dao
MANTRA (OM) $ 6.87 3.47%
polkadot
Polkadot (DOT) $ 4.42 2.04%
bitcoin-cash
Bitcoin Cash (BCH) $ 336.83 0.63%
ethena-usde
Ethena USDe (USDE) $ 0.999863 0.01%
bitget-token
Bitget Token (BGB) $ 4.43 0.24%
weth
WETH (WETH) $ 1,906.84 1.03%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.998791 0.07%
hyperliquid
Hyperliquid (HYPE) $ 13.47 4.06%
whitebit
WhiteBIT Coin (WBT) $ 28.32 1.88%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,026.74 0.95%
monero
Monero (XMR) $ 211.53 0.15%
uniswap
Uniswap (UNI) $ 6.22 0.35%
susds
sUSDS (SUSDS) $ 1.04 0.07%
aptos
Aptos (APT) $ 5.35 0.19%
dai
Dai (DAI) $ 1.00 0.04%
near
NEAR Protocol (NEAR) $ 2.56 3.22%
okb
OKB (OKB) $ 49.49 6.37%
pepe
Pepe (PEPE) $ 0.000007 4.50%
mantle
Mantle (MNT) $ 0.83148 4.21%
internet-computer
Internet Computer (ICP) $ 5.73 1.13%
ethereum-classic
Ethereum Classic (ETC) $ 17.76 0.95%
gatechain-token
Gate (GT) $ 21.76 0.87%
ondo-finance
Ondo (ONDO) $ 0.839107 3.45%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,647.41 0.86%
aave
Aave (AAVE) $ 169.10 1.73%
tokenize-xchange
Tokenize Xchange (TKX) $ 29.87 1.81%