Suez says in talks to sell part of Recycling & Recovery business

PARIS, Sept 16 (Reuters) - French waste and water management company Suez said on Wednesday it had signed an agreement to enter exclusive talks to sell its Recycling & Recovery operations in the Netherlands, Luxembourg, Germany and Poland to PreZero, the environmental division of the Schwarz Group.

Suez made the announcement as it seeks to work out a response to rival Veolia’s bid plan it views as hostile.

“With this new announcement, Suez has now achieved around 40% of the asset rotation target announced last October as part of its Suez 2030 strategic plan and has found, with PreZero, a new environment that will benefit to the development of the business and its employees,” the statement said.

Reporting by Dominique Vidalon; Editing by Jacqueline Wong