French waste and water management company Suez is set to get a green light from the European Union to sell its recycling business in four EU countries to Lidl-owner Schwarz, reported Reuters.
The deal comes as Suez battles a hostile takeover bid from rival Veolia, which has criticized the sale of assets it considers strategically important.
Suez announced in September the sale of its Recycling & Recovery operations in the Netherlands, Luxembourg, Germany, and Poland to Schwarz as part of its 2030 strategic plan.
The deal does not include Suez’s plastic recycling and hazardous waste treatment activities.
The EU competition enforcer, which is scheduled to decide on the deal by April 14, declined to comment. Suez and Schwarz, which also owns German retail chain Kaufland, did not immediately respond to requests for comment.
Schwarz, whose PreZero environmental division is making the acquisition, last month offered to sell assets to address the European Commission’s competition concerns, another source had told Reuters, declining to provide details.
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