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French waste management group Veolia has warned ASX-listed waste giant Cleanaway that it would be headed for a legal âblack holeâ if it pursues a $2 billion-plus buyout of Suezâs Australian assets because any sale of the local operations of Suez would be in breach of French takeover laws.
Veolia and Suez are both listed on the stock exchange in France and have been involved in a bitter global takeover tussle which began last October when Veolia acquired a 29.9 per cent stake in Suez.
Veolia Australia chief executive Richard Kirkman says Cleanaway investors need to be aware of the potential for a legal showdown.Â