The Austrian utility Energie AG Oberösterreich is looking to divest only the Central and Eastern European international operations of its waste management subsidiary AVE. Earlier plans to sell off the AVE Group in its entirety are off the table, said the parent concern.
The decision was made by Energie AG Oberösterreich's supervisory board at a meeting held last Thursday. Austrian waste management activities were no longer being included in the divestiture and would now be evaluated within the structure of the parent concern and reorganised, the company commented.
Following an extensive due diligence process, several serious offers remained for AVE's non-Austrian operations as well as for the whole of the group, reported the utility, which is majority-held by the state of Upper Austria. Nevertheless, the supervisory board decided limit the sale to the Central and Eastern European business. AVE has subsidiaries in countries including the Czech Republic, Romania, Moldavia, Hungary, Slovakia and Ukraine.