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AMSTERDAM (Dow Jones)--Four or five parties have been invited to submit second-round bids in the sale process of Essent Milieu, Essent NV's waste management business, sources familiar with the matter told Dow Jones Newswires Thursday.
Second-round bidders include the Orange consortium, consisting of Infrastructure funds managed by Dutch banks NIBC Bank and Fortis Bank Netherlands; U.S. Waste Management Inc.'s (WMI) Wheelabrator and RREEF Alternative Investments, an investment fund of Deutsche Bank AG's (DB) asset management division; Covanta Holding Corp. (CVA) together with an unnamed financial party. Private equity firms Charterhouse Capital Partners LLP and French PAI Partners are also shortlisted, the sources said.
Private equity firm BC Partners is also likely to have been selected, various people said.
The deal could still fail to go through if the price comes in too low, the people said. The price for Essent's waste management business is under pressure from financing restraints, which mostly affects the price private equity might be able to pay. Strategic buyers may be able to pay more since they aren't constrained by investment criteria.
-By Robin van Daalen, Marietta Cauchi and Carol Dean, Dow Jones Newswires; +31-20-5715200; robin.vandaalen@dowjones.com
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