Australia's Cleanaway Waste Management rises; Morningstar sees 50% chance of EQT buyout

** Shares of Australia's Cleanaway Waste Management CWY.AX rise as much as 1.1% to A$2.69

** Morningstar maintains fair value estimate for the waste management firm at A$2.80/share

** Assumes a 50% probability of EQT Infrastructure's A$9.4 billion takeover offer going ahead

** Believes EQT's continued interest following four weeks of due diligence is 'comforting'

** If deal does not go through, Morningstar says will revert fair value estimate to A$2.50/share

** EQT had flagged to co that it wants to proceed with the potential transaction at no less than an indicative offer price of A$3.13/share, a 32% premium over closing price before the deal was known

** 9 analysts on average recommend 'buy', with median PT A$3.10 - data compiled by LSEG

**YTD, CWY up more than 3%