One51 eyes up British waste firm

THE former IAWS co-op, One51, is thought to be nearing a takeover of the listed British waste company Augean.

One51 bought 2.35 million shares in Augean this week at a cost of nearly €5m.

In late November it spent more than €20m buying up 20% in the company, which is involved in storing and treating hazardous waste.

One51 now owns almost 27% of the company. If it increases its stake above 29.9% it will have to make a bid for the rest of the shares.

Taking over Augean at the current share price would cost One51 the best part of €100m. Augean would be an ideal target for One51, which last year bought out waste management firm SITA Environmental for about €8m.

The co-op, run by former IAWS group chief executive Phillip Lynch, is also looking to buy the waste disposal and windfall assets of Bandon’s SWS Group. One51 is on the shortlist of bidders for the company.

One51, whose businesses includes the Irish Pride bakeries, made an operating profit of €3m in 2005 on sales of €65m.