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Suez to Buy Back £2 Billion UK Waste Unit, Trumping Macquarie

Haulage trucks at a Suez SA recycling and waste recovery facility in Paris.

Haulage trucks at a Suez SA recycling and waste recovery facility in Paris.

Photographer: Nathan Laine/Bloomberg

French utility Suez SA offered to buy back its former UK waste-treatment business from Veolia Environnement SA for £2 billion ($2.3 billion), trumping Macquarie Group Ltd.’s agreement to purchase the unit.

Suez got the green light from its owners, which include Global Infrastructure Partners and Meridiam SAS, to use its preemption rights to acquire the British assets, matching the offer made last month by the Australian financial firm Macquarie.