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…