Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of MRW, please enable cookies in your browser

We'll assume we have your consent to use cookies, so you won't need to log in each time you visit our site.
Learn more

Veolia to sell off assets to cut debt

Veolia has announced a divestment programme to slash its debts by £2.5bn - but its UK waste and energy operations are not included.

The French multinational, one of the leading waste management firms in the UK, said it will sell off €5bn (£4.3bn) of assets following a series of profit warnings and a credit downgrading. There has been mounting concern from investors over the company’s €14.7bn net debt.

The sell-off will include the company’s three British water companies - Veolia Water Central, Southeast and East - and its 50% stake in the public transport company Transdev which owns London Sovereign bus operator. Veolia said it will also pull out of half the 77 countries it currently operates in.

The firm said it has no plans to sell its UK waste or energy operations.

The company manages waste for around 50m people worldwide and has around 65,000 UK customers. It employs 12,000 people in Britain, and in 2010 had revenue of £1.2bn.

Antoine Frérot, Veolia chairman and CEO said the divestment plan will: “drive a profound transformation of our company in order to adapt to the current economic and financial environment and to quickly position Veolia Environnement to capture the most attractive growth opportunities.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.