Essent halts sale of waste processing arm

Wednesday 03 June 2009

Energy company Essent has stopped the sale of its waste processing arm because none of the potential buyers will come up with the right price, the Financieele Dagblad reports on Wednesday.

Essent, which is owned by provincial and local government, wants to sell its waste unit as a separate entity. It has already agreed to sell its production and delivery arm to Germany's RWE for €9.3bn.

Sources told the paper Essent had been hoping to raise at least €800m from the waste processing unit Essent Milieu.

Two companies were said to be in the running for the unit, US company Covanta and an alliance between Fortis and NIBC investment funds.

Covanta is under fire in the US for its poor record on environmental issues and labour relations and Essent does not want the sales process to take on a political tint, the paper said.

© DutchNews.nl

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