(Bloomberg) -- Veolia Environnement SA asked European Union regulators to approve its bid for Suez SA to create a global water and waste giant.
The European Commission gave the companies an initial Nov. 30 deadline which may allow them close the deal this year if they manage to address any antitrust concerns. Regulators usually want to see “clear-cut” divestments to grant quick approval.
The transaction will create a giant in environmental services under the Veolia umbrella, with annual revenue of about 37 billion euros ($43 billion) and assets from the U.S. and Latin America to Asia and Australia.
To resolve competition concerns and help the deal through, Veolia will sell back about two-fifths of Suez’s assets to a Franco-U.S. group of investors led by Meridiam SAS and Global Infrastructure Partners at an enterprise value of 10.4 billion euros, the companies said in June.
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