RE: Offer11 Oct 2023 12:02
If you look at the SP for the last 2 years , the bidders are not offering a premium at all. the proposed offer is well within the normal trading range and should be rejected. The UK share market as a whole is depressed due to interest rate uncertainty and Renewi was at bargain basement levels before the approach.
Given this companies very strong position in the countries it operates in and the high regard it is held within government circles ..(The Dutch Prime Minister, Mark Rutte, and the Dutch Minister of State for Infrastructure and Water Management, Stientje van Veldhoven, have both visited Renewi sites).
The Australian investments giant has a reputation in Britain for financial ruthlessness, earning itself the nickname “the vampire kangaroo”. In its statement, Macquarie Asset Management said it would honour the company’s employment and pension rights, adding that it would implement Renewi’s strategy “for the benefit of all its stakeholders, including municipalities, household and business customers”.
Noone believes this and MacQuarie has ruthlessly asset stripped water companies in the UK. It is sure to lose any goodwill from the Dutch government and is a very poor fit for Renewi.. A far price would be £10 plus but MacQuarie are not suitable owners of an environmentally responsible company.
Others may disagree!