French waste management giants Veolia and Suez have finally agreed on a global merger deal after months of bickering and legal fights, which means that ASX-listed Cleanaway’s plan to acquire Suez Australia’s business for $2.5 billion is now off the table.

Cleanaway is set to still pursue a smaller Plan B buyout of just the Sydney assets of Suez Australia which it had already negotiated as a fallback deal last week for $501 million.