BUZZ - Morningstar believes there is a 50% chance that EQT's $6.6 billion acquisition of Cleanaway will be successful.

September 21 - ** Morningstar maintains a fair value estimate of AUD 2.80 per share for Australia’s Cleanaway Waste Management Company (CWY.AX)

** Assumes a 50% probability of success for EQT Infrastructure’s AUD 9.4 billion takeover offer (link)

** Considers it “reassuring” that EQT remains interested after a four-week due diligence period

** If the deal does not go through, Morningstar says it will lower the fair value estimate to AUD 2.50 per share

** EQT has indicated to the company (link) that it wishes to proceed with the potential transaction at an indicative price of not less than AUD 3.13 per share, representing a 32% premium to the closing price before the news was disclosed

** According to data compiled by LSEG, the average rating from nine analysts is “Buy,” with a median target price of AUD 3.10

** Closing at AUD 2.660 in the previous trading session, CWY’s share price is up 2.7% year-to-date

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