Cleanaway Waste Management Limited (ASX:CWY) is understood to be back on the radar as a potential takeover target, and the question is whether Macquarie Asset Management Inc. has the Australian listed waste management business as the next item on its shopping list. While some believe that the Australian Competition & Consumer Commission would block a deal for Macquarie to buy Cleanaway, others think it's possible and that it will be the next target for Macquarie. The new Suez is owned by Meridiam, GIP, CDC and CNP Assurances.

Infrastructure buyers that are prepared to acquire non-infrastructure assets that have infrastructure-like qualities - known as "core plus" - have cast their eye over Cleanaway before. However, whether it remains a takeover target in the months ahead will depend on its performance under Chief Executive Officer Mark Schubert, who was appointed a year ago.