October 22, 2012 / 7:31 PM / in 5 years

Veolia board backs deal to cut Transdev stake -newspaper

PARIS, Oct 22 (Reuters) - The board of Veolia Environnement gave the green light on Monday for a deal to cut its stake in transport joint venture Veolia Transdev to 40 percent from 50 percent, Les Echos newspaper reported.

Its partner, French state-owned bank Caisse des Depots et Consignations (CDC), would increase its holding to 60 percent, the paper said.

Veolia and CDC declined to comment on the board meeting.

Veolia Environnement put its 50 percent stake in Veolia Transdev up for sale in December as part of a plan to shed more than $6 billion in assets in order to cut debt and costs. (Reporting by Blandine Henault and James Regan; Editing by Leslie Adler)

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