Renewi chief steps down as £700m takeover closes

(Sharecast News) - Renewi's long-standing chief executive has left the recycling specialist, it was confirmed on Friday, following the completion of Macquarie's £707m takeover.

The European waste management firm said Otto de Bont's successor would be announced "in due course".

De Bont, who has been chief executive since April 2019, said: "I am glad to have contributed to the transformation of Renewi, making it the leading pure play recycler in Europe.

"With the rapid transition of our industry and demand for low carbon secondary materials increasing, the company is ready for it next chapter."

Paul Mitchener, managing director at Macquarie and incoming chair of Renewi, said: "[De Bont's] drive and commitment to sustainability have not only reshaped the company, but have also set a benchmark for the industry."

Renewi, which was created following the merger of the UK's Shanks with Dutch firm Van Gansewinkel, sorts and processes around 10m tonnes of waste and wastewater at 150 sites, the bulk of which are in the Netherlands and Belgium.

In February, it agreed to be taken over by the Australian infrastructure investor. The deal secured regulatory approval last month, allowing it to complete on Friday.

Gabriele Duesberg, head of diversified infrastructure, EMEA, at Macquarie Asset Management said: "As countries across Europe look to transition to waste-free economies, Renewi is well-positioned to capitalise on this demand.

"We look forward to supporting the business as it becomes at European leader in the circular economy."

Renewi's listings on the London Stock Exchange and Euronext Amsterdam will be now be cancelled.