Swedish private equity powerhouse EQT has tabled a significant $9.4 billion takeover offer for Australian waste management titan Cleanaway. Cleanaway is Australia’s biggest rubbish collection company. It has granted the private equity giant exclusive due diligence, a move that could see EQT recommend a binding offer for the domestic waste sector leader. The news sent Cleanaway shares surging by 15 per cent, even as the broader ASX experienced declines near noon, with Commonwealth Bank slumping 2.6 per cent.
EQT’s pursuit of Cleanaway comes alongside its advanced efforts to secure a stake in the National Rugby League team Melbourne Storm. This dual approach underscores a diversified investment strategy by the Swedish firm in the Australian market, spanning essential services and professional sports. Meanwhile, other Australian corporate results have emerged, with ANZ reporting a modest quarterly profit increase to $1.9 billion. The banking giant’s chief executive, Nuno Matos, indicated the bank is on track to meet its targets, despite a noted drop in mortgage applications.
Australia’s largest telecommunications provider, Telstra, also saw its CEO Vicki Brady’s pay jump last year. However, this occurred as the company’s revenue dipped slightly, primarily affected by its business and international divisions, and an outage cost Telstra approximately $600,000. In other market movements, Orora announced a dividend cut, while Treasury Wine Estates disclosed a significant $1 billion loss, further contributing to a mixed landscape of corporate performance and investor sentiment across the Australian market.
