Good evening,

Who said domestic M&A is dead?!! Only a fortnight after we broke news of Bank of Queensland’s $1.3 billion deal to buy ME Bank, we had another one on Thursday.

This time it’s Macquarie Capital-advised Cleanaway Waste Management in advanced talks to acquire rival Suez’s Australian business.

While Cleanaway’s interest is understandable – Suez’s garbage trucks and processing sites are highly complementary to the ASX-listed group’s existing network – it knows it will not be plain sailing to secure the asset.

France’s Suez is locked in $17.5 billion takeover talks of its own with Veolia – and Veolia has made it abundantly clear it will consider running to court if Suez were to stitch up a deal to divest assets as part of its takeover defence.

So there’s plenty of water to flow under the bridge. But the fact Cleanaway, Australia’s biggest waste company, is looking to acquire one of the next biggest players is another reminder that companies haven’t given up on domestic M&A. Expect Rod Sims to take a close look at any deal.

Elsewhere, we take a look at who is lining up for Brookfield’s new car transport business Autocare Services, with first round bids on Friday, and check to see how real estate investor Newmark is going with its $140 million Australian IPO.

Happy reading,
Sarah Thompson, Anthony Macdonald and Tim Boyd
Street Talk Editors