Cleanaway shares sink after dismissal of Seven takeover reports
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More news: Shares in Cleanaway Waste Management tumbled on the ASX after the company dismissed reports of a possible takeover by Seven Group.
Shares were 11.5% lower at $2.67 by 11:00am AEST.
Cleanaway denies Seven Group takeover speculation
The news: Cleanaway Waste Management has denied media speculation around a possible takeover by Seven Group.
The numbers: Cleanaway's shares climbed 15.8% to $3.01 on Tuesday after reports of a Seven takeover.
The context: Cleanaway, one of Australia's biggest waste disposal companies, said that it is "not in any discussions with Seven in relation to any form of corporate transaction or otherwise" and has not received an approach or offer from Seven.
On Tuesday, Bloomberg reported that Seven had been seeking financing for a potential takeover of Melbourne-based Cleanaway. Seven told Bloomberg that it is not looking to acquire Cleanaway, noting that it is focused on completing its purchase of Boral, whose CEO Vik Bansal was previously CEO of Cleanaway from 2015 to 2021.
The source: ASX announcement
