(Reuters) -Australia’s Cleanaway Waste Management said Tuesday that it will acquire a local recycling and recovery business from French waste and water management company Suez for A $ 2.52 billion ($ 1.93 billion).
The business includes multiple infrastructure assets, a workforce of more than 2,000 employees and a fleet of more than 1,000 vehicles, Cleanaway said. It has been in talks with Suez to buy its local assets since March.
However, hurdles to the deal remain as Paris-based Suez is embroiled in a takeover dispute with domestic rival Veolia.
Suez in February rejected Veolia’s 11.3 billion-euro ($ 13.35 billion) takeover offer, and since then, the two companies have struggled to agree on how to carve out Suez’s business and have clashed in court over it.
Suez could stop the acquisition on May 6 if it reaches a principle agreement for Veolia’s takeover of the company, said Melbourne-based Cleanaway.
If a superior bid for assets is made and does not match Cleanway, then Suez may end the deal early.
($ 1 = 1.3067 Australian dollars)
($ 1 = 0.8466 euros)
Reporting by Shruti Sonal in Bengaluru; Edited by Anil D’Silva
ROME, March 30 (Reuters) – Italian League party leader Matteo Salvini urged the government on Tuesday to prevent truck maker Iveco from being sold to a Chinese company, saying the Italian firm was a strategic asset to protect.
Iveco is part of CNH Industrial, which is controlled by Exor, the holding company of the Italian Agnelli family. CNH said in January it was in talks with FAW China over the truckmaker’s future.
“It’s a shame,” Salvini told a group of foreign journalists when asked about a possible sale.
“I hope the Italian government will do everything to safeguard, defend and protect strategic assets. If we want to talk about sustainable mobility and ecological transitions, we cannot lose a gem like Iveco, ”he added.
The Salvini League is under a broad national unity government and one of its most senior politicians, Giancarlo Giorgetti, is minister of industry.
Giorgetti said earlier this month that if CNH Industrial decided to sell Iveco to FAW, Rome would use its so-called “golden power”, which would allow it to veto or impose stricter terms on deals involving assets deemed to be of national interest.
Reporting by Crispian Balmer, written by Giulio Piovaccari
MILAN (Reuters) – Italy’s regional bank Creval on Monday said a takeover offer by Italy’s Credit Agricole (CAI) was a good strategic move, but prices should be at least 23% higher.
Italy’s Credit Agricole branch said in November it would spend 737 million euros ($ 868 million) to expand its presence in Italy’s consolidated banking sector – its biggest market outside France.
CAI is offering € 10.50 per share to buy Creval investors. But the Italian lender said the fair price was between 12.95 and 22.7 euros per share, based on analysis by advisers to Bank of America and Mediobanca.
“The CAI project has strong strategic reasons, but it must be taken into account … that Creval has undergone a transformation. This is a completely different and very solid bank, ”CEO Luigi Lovaglio told reporters.
Creval in 2018 raised 700 million euros in cash from investors – eight times its market value – to fund a restructuring that has cut non-performing loans and fees in preparation for final ties.
Lovaglio, who heads Bank Pekao, a former unit of Poland’s UniCredit, said the offer must reflect a number of factors, including Creval’s high excess capital.
“Creval is very valuable, and those who know about banking are aware of it. This is a rare opportunity and (if I were CAI) I would do everything possible to bring this home – € 10.5 is not enough, ”said Lovaglio when asked if he expected the price to be raised.
Rooted in the Valtellina region of Lombardy, Creval will double CAI’s market share in Italy’s richest region.
Shares on Creval are consistently trading above the bid price. At 0942 GMT Creval shares were up 0.7% at 12.10 euros.
The offer is valid from Tuesday to April 21, after the green light from Italian banking watchdog and market regulator Consob.
Creval estimates the combined entity will rake in 321 million euros net of Italian rules aimed at spurring corporate mergers by 2021. But CAI said last week it did not know whether such incentives could be utilized.
Creval also said CAI’s projected integration and restructuring costs of 345 million euros were too high compared to the average in Italy’s recent banking mergers.
“There are no plans for layoffs and we are happy about that, but we are also happy to know how the money will be spent,” Lovaglio said.
($ 1 = 0.8490 euros)
Edited by Valentina Za, Edmund Blair and Barbara Lewis
MILANO (Reuters) – Italian Creval on Monday was rejected due to inadequate pricing on Italian Credit Agricole (CAI). CAGR.PA plans to pay to buy a shareholder in a regional bank.
The Italian branch of Credit Agricole is offering 10.5 euros per share to buy Creval, for a total investment of 737 million euros ($ 868 million), to expand its presence in Italy, its biggest market outside France.
The bidding will run from Tuesday to April 21, after receiving the green light from Italian banking watchdog and market regulator Consob.
“While acknowledging that the combination of a solid, well-positioned bank like Creval with a banking group like CAI could generate profits, the board believes that a price of 10.5 euros is not sufficient from a financial point of view,” Creval said.
Shares of Creval, which closed at 12 euros on Friday, have been trading consistently above the price set by the CAI for the offering that was first announced in November. ($ 1 = 0.8490 euros)
Reporting by Andrea Mandalà; edited by Valentina Za