Future ownership of the once-listed Waste Management New Zealand is shaping up to be a contest between two parties - Kohlberg Kravis Roberts (KKR) and First State, the Australian newspaper reported.
A deal is expected within days, with bids due this month, the paper said, adding the deal was expected to be worth at least A$1 billion ($1.07b).
KKR, advised by Macquarie Capital, is said to be working hard on a transaction.