Seven Group mulls takeover of Cleanaway Waste


No final decision has been made and Seven Group could opt against pursuing a deal. — Bloomberg

SYDNEY: Australian industrial conglomerate Seven Group Holdings Ltd is exploring an acquisition of Cleanaway Waste Management Ltd, one of the country’s biggest waste disposal firms, according to sources.

Seven Group, which is working with an adviser, has been seeking financing for a potential takeover of Melbourne-based Cleanaway Waste, said the sources.

No final decision has been made and Seven Group could opt against pursuing a deal.

A spokesperson for Seven Group said in an emailed statement that the company isn’t looking to acquire Cleanaway Waste, adding that it is focused on completing its purchase of Boral Ltd. and its other business units.

Cleanaway Waste said in a statement that it isn’t in any discussions with Seven Group “in relation to any form of corporate transaction or otherwise, nor has it received an approach or offer from SGH.”

Cleanaway Waste surged 16% following Tuesday’s Bloomberg News report, the biggest gain since April 2021, lifting the company’s market value to A$6.7bil (US$4.3bil). Seven Group was up 2%. A potential deal would be a banner transaction for Seven Group and one of the largest takeovers this year in Australia, which has experienced an uptick in mergers and acquisitions activity, according to data compiled by Bloomberg.

Seven Group has built its varied portfolio through the years via acquisitions, with holdings ranging from energy production to media. It’s in the process of buying the shares in building material company Boral that it doesn’t already own. Boral’s chief executive officer Vik Bansal was CEO of Cleanaway Waste from 2015 to 2021. — Bloomberg

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Oil gains 1% on hopes of firmer demand
JPMorgan investors weigh CEO Dimon’s strategy, succession plan
Muhibbah rides on Cambodian tourism uptick
Feytech gears up for expansion to meet growing demand
Ready to rise up the ranks again
SC working overtime to combat spread of scams
Russia and Malaysia sign tax agreement
MGB ACHIEVES 23% PROFIT SURGE IN 1Q24
GDP up 4.2% in 1Q24
Chinese firms invest in ‘green’ jet fuel

Others Also Read