The Competition and Markets Authority ordered the firms, whose merger is still being reviewed by regulators in several countries, to respond to its concerns within five days or face a more in-depth probe.
"In particular, the CMA is concerned that Veolia and Suez are two of only a small number of suppliers active within the UK that are able to service the largest and most complex waste management contracts with councils," it said in a statement.
"As a result, the merger could lead to higher prices and lower quality services across a range of waste management activities in the UK."
Veolia carried out a successful buyout of Suez earlier this year that will create a new Veolia focused on water services and waste management internationally with 37 billion euros ($42 billion) in annual revenue.
Under the deal, which the companies hope will go through by January, Suez would retain the businesses in France.
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