Cleanaway (ASX:CWY) share price on watch after Suez acquisition collapses

The Cleanaway Waste Management Ltd (ASX: CWY) share price will be one to watch this morning.

This follows news that its acquisition of Suez Australia’s business for $2.5 billion has hit the rocks.

What happened?

Overnight in Europe, French waste management giants Veolia and Suez announced an agreement to merge their operations.

According to Veolia, the agreement will create a global champion of ecological transformation, with revenues of around 37 billion euros.

Veolia also revealed that the agreement provides for: “The termination of the agreements with Cleanaway in accordance with their terms concerning the disposal of the assets in Australia (subject to the Sydney assets) and the suspension of any other significant disposal,…