KEY POINTS:
Four bidders are thought to be left in the running for this country's second-largest solid waste business EnviroWaste Services.
The bidders were believed to include Waste Management buyer Transpacific Industries, The Dominion Post reported today.
Others understood to be in the running were a combined bid from Quadrant Private Equity and Nikko Principal Investments, Ironbridge Capital and Pacific Equity Partners, which already owns several New Zealand companies including Griffins, Tegel and Whitcoulls.
EnviroWaste was put up for sale by road building, engineering and construction group Fulton Hogan, with a sale, valued at between $250 million and $400 million, expected within the next five weeks.
Fulton Hogan chief financial officer Guy Pierce said Fulton Hogan would decide by early next month whether to sell EnviroWaste, which is understood to have annual earnings before interest, tax, depreciation and amortisation of $25 million to $30 million.
Mr Pierce confirmed a "small number" of bidders were left in the running but declined to name them.
EnviroWaste operates rubbish collection, processing and disposal facilities throughout New Zealand. The strong, market position of a combined Waste Management-EnviroWaste means the Commerce Commission would be expected to look closely at any Transpacific acquisition of EnviroWaste.
Commission spokeswoman Jacqueline Martin said no bidders had yet lodged applications for clearance to buy EnviroWaste.
- NZPA
