13 Dec 2011

Veolia to dump transport as it seeks to cut debt

Veolia Environnement, pressured by a slumping share price and two straight profit warnings, aims to sell its transport business as part of a plan to shed 5 billion euros ($6.73 billion) of assets in the next two years.
Alongside the french multinational's transport activities, which made revenues of 5.8 billion euros in 2010, Veolia also seeks to sell its UK regulated water activities and its U.S. solid waste business.
Veolia Transport, with 80,756 employees, runs buses, trains and ferries across 27 countries and includes Veolia Transdev, a joint venture created in March with state bank Caisse des Depots (CDC).
The asset sales would help reduce Veolia's debt to below 12 billion euros by the end of 2013 from 15 billion at the end of September.

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