Business
Cleanaway (ASX:CWY) share price swept up in >$2bn acquisition rumour
The Cleanaway Waste Management Ltd (ASX: CWY) share price isn’t reacting much to rumours that it’s about to acquire its largest rival.
Shares in the waste management group dipped 1.3% to $2.21 in after lunch trade as the S&P/ASX 200 Index (Index:^AXJO) gave up a similar amount.
Investors don’t seem to be impressed with speculation that it is closing in on a deal to buy the Australian arm of France’s Suez SA (FRA: SZ1).
$2bn plus takeover spooks the Cleanaway share price
The Australian Financial Review quoted unnamed sources who claim that talks between the two parties were “advanced”.
If a takeover offer eventuates, Cleanaway may need to cough up something north of $2 billion.
Little wonder that shareholders are dumping…
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