Veolia Pounces on Rival to Create Waste Giant to Counter China

Veolia Environnement SA moved to buy its biggest rival in a bid to create a global waste and water giant and stay ahead of looming competition from China.

The French company’s opportunistic attempt to buy Suez SA revives an effort that failed eight years ago. The timing may be better now, with climate change high up on the global agenda and governments around the world looking to invest in recycling services and secure water resources.

Those trends have propelled a flurry of dealmaking. China has merged several companies, while KKR & Co. in March agreed to buy British waste-management company ...