Beijing Enterprises Weighs $2 Billion European Unit Sale

3 months ago 9

Aug 11 2021, 1:17 PMAug 11 2021, 2:21 PMAugust 11 2021, 1:17 PMAugust 11 2021, 2:21 PM

(Bloomberg) -- Beijing Enterprises Holdings Ltd. has considered a merchantability of its overseas discarded attraction portion EEW Energy from Waste GmbH for astir $2 billion, radical with cognition of the substance said.

The state-owned conglomerate had earlier asked concern banks to taxable proposals for managing a merchantability of the unit, said the people, who asked not to beryllium identified arsenic the accusation is private.

Deliberations are astatine an aboriginal signifier and Beijing Enterprises could determine to support the business, the radical said. A typical for Beijing Enterprises said successful a effect to questions that “there’s nary specified statement astatine the moment,” without elaborating.

Germany-based EEW Energy from Waste focuses connected generating powerfulness from thermal recycling and disposal of waste. It has astir 1,250 employees astatine its 18 waste-to-energy plants successful the region, according to a June 30 press release. The institution traces its roots backmost to 1873.

Beijing Enterprises successful 2016 bought EEW Energy from Waste for astir 1.4 cardinal euros ($1.6 billion). The state-owned endeavor was formed successful 1997 and raised astir HK$1.9 cardinal ($244 million) successful an archetypal nationalist offering successful Hong Kong successful the aforesaid year. Its businesses see earthy gas, sewage treatment, discarded attraction and beer. Beijing Yanjing Brewery Co. and Beijing Enterprises Water Group Ltd. are among its listed units.

Shares successful Beijing Enterprises person fallen astir 1.2% this year, giving it a marketplace worth of astir $4.1 billion.

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