K+S Group reported on Dec. 22 that it and Germany’s Remex GmbH have completed the transaction for the new REKS waste management joint venture. Under the 50:50 jv, which will operate under the name REKS GmbH & Co. KG, the two partners aim to tap into “the attractive and strongly growing” European market for the recovery and disposal of waste, as well as the implementation of sustainable waste management solutions.
The German Federal Cartel Office, Bundeskartellamt, gave final clearance for the merger – following the fulfillment of certain conditions – on Dec. 1 (GM Dec. 3, p. 27).
As a result of the contribution of the K+S stakes to REKS, K+S said previously it will generate a one-off gain of about €200 million in the fourth quarter of 2021. At the same time, it expects a total cash inflow of about €90 million before taxes to be generated).
K+S and Remex, which is owned by Germany’s Rethmann Group, reached an agreement in December 2020 to partner up to bundle their respective waste management activities in a new jv (GM Dec. 31, 2020).