Beijing Enterprise Buys Germany's Energy from WasteBeijing Enterprise Buys Germany's Energy from Waste
February 4, 2016
Beijing Enterprise (0392.HK) is buying German waste management company Energy from Waste (EEW) for 1.4 billion euros ($1.6 billion) as China sets about tackling its pollution and waste recycling problems.
The largest Chinese acquisition of a German company to date comes just weeks after ChemChina's acquisition of German industrial machinery maker KraussMaffei and underlines China's interest in German know-how.
China set a target to spend about $16 billion between 2013 and 2016 to improve sewage disposal and garbage treatment as the government struggles to find ways of treating the enormous amounts of refuse the world's most populous country generates.
ChemChina grabbed headlines on Wednesday with what would be China's largest ever overseas acquisition, a $43 billion bid for seeds and pesticides group Syngenta.