UK Biffa has approach from GE-backed fund: sources

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GE's infrastructure fund, Global Infrastructure Partners, which is also backed by Swiss-based bank Credit Suisse <CSGN.VX>, is undertaking due diligence on Biffa, the sources said on Monday, confirming a report in the Sunday Telegraph.

LONDON (Reuters) - British waste-collection firm Biffa <BIFF.L> has received a counter-approach worth around 1.5 billion pounds ($3 billion) from a fund backed by General Electric <GE.N>, said sources familiar with the matter.

GE's infrastructure fund, Global Infrastructure Partners, which is also backed by Swiss-based bank Credit Suisse <CSGN.VX>, is undertaking due diligence on Biffa, the sources said on Monday, confirming a report in the Sunday Telegraph.

Shares in Biffa were up 4.1 percent at 345-1/2 pence at 9:34 a.m. EST.

Biffa opened its books before Christmas to a rival consortium backed by private equity firms Montagu and Hg Capital, which have made an indicative offer at 350p per share, worth around 1.23 billion pounds, but a concrete offer has not yet been made.

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Spokespeople for Biffa and Global Infrastructure Partners declined to comment.

(Reporting by Mathieu Robbins; Editing by Quentin Bryar)