Renewi tumbles as Macquarie says it won't make an offer

Renewi tumbled on Thursday after Macquarie Asset Management said it would not make an offer for the waste management firm.

"Further to the announcements made by Macquarie and Renewi regarding a possible offer for Renewi, Macquarie confirms that, following multiple attempts to engage with Renewi's board, including a revised proposal, all of which were rejected, it does not feel it is in an informed position to make an offer for Renewi," it said.

Renewi announced last month that it had rejected a £636m cash takeover offer from Macquarie.

The company said at the time that the offer of 775p a share "fundamentally" undervalued the group and its prospects.

At 1350 BST, the shares were down 24% at 499p.