PARIS—Pointing to a worsening business environment in Italy, North Africa and the U.S. that resulted in a net loss for the half-year and a large impairment, Veolia Environnement SA on Thursday announced a corporate overhaul of the company that includes divestitures and a significant geographic scale-back.

The French waste and water utility, the world’s largest by revenue, also disclosed accounting fraud in the U.S. that occurred in 2007-2010. The fraud amounted to €90 million ($ 128.9 million), but didn’t affect the company’s results for 2011, company officials said.

Veolia posted a first-half net loss of €67.2 million, after a €375 million …

Yahoo! Finance: Waste Management Industry News

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