Macquarie gets extension on Renewi bid deadline

(Sharecast News) - Australian bank Macquarie has been given an extension on its deadline to table a firm bid for waste management company Renewi to February 13 or walk away. Macquarie, which tabled a £700m bid offer in November, said that due diligence was substantially complete, but it needed more time to "allow for the finalisation of internal approval processes and transaction documentation". Britain's Takeover Panel and Renewi had given consent, it added.

"Renewi shareholders are advised to continue to take no action in relation to this matter. Further announcements will be made when appropriate. There can be no certainty that any offer will be made," Renewi said.

Reporting by Frank Prenesti for Sharecast.com