Renewi - Back to square one: No bid from Macquarie
Macquarie announced that it will not pursue an official bid after multiple attempts to engage with Renewi, including a renewed bid of 815pRevised bid shows little intent of actually wanting to buy the firm.Investors/Analysts will have to go back to the drawing boards and actually try to implement the new information of the CMD which many people deemed to be lacking quite some financial details (e.g. profitability & cash generation).We put our TP under review for the time being as we delve deeper in what was or was not said during the CMD.Renewi is a recycling companies. Co. operates in four divisions: commercial, which is engaged in sorting and recycling for, amongst others things, paper, cardboard, wood, plastics, metals and Construction and Demolition waste; hazardous, which is engaged in treating contaminated soil and water, as well as for the disposal of a range of hazardous waste such as waste paints and solvents; municipal, which operates waste treatment facilities for U.K. and Canadian city and county councils under long-term contracts; and monostreams, which produce materials from waste streams in specific end markets such as glass, electrical and electronic equipment, organics and minerals.
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