Despite initial objections over antitrust concerns, European Union regulators have approved a $14.7 billion dollar tie-up between French waste companies Suez and Veolia. The deal could create a global giant in waste and environmental services.
EU antitrust regulators announced Tuesday that the companies will spin off Suez's French water and waste division, plus some internationally based assets in order to ease regulators' worries about anti-competitive practices. These sectors will eventually be organized into a new company called "New Suez."
"By this decision, the Commission ensures that this transaction will not adversely affect competition in the water and waste markets, two sectors that are key to the European Green Deal and the circular economy," said European Commissioner for Competition Margrethe Vestager.