Veolia sells stake in Danish firm for $327M

|About: Veolia Environnement ADR (VEOEY)|By:, SA News Editor

Veolia Environnement (VE) says it is selling its 65% stake in Danish waste management group Marius Pedersen Group for €240M ($327M).

VE says the move will help it reduce debt as part of a plan outlined by CEO Antoine Frerot in 2011.

The purchaser, the Marius Pedersen Foundation, already holds a 35% stake in the Danish company, which operates waste management services in Denmark, the Czech Republic and Slovakia.