Britain's competition authority said Tuesday it had concerns that the merger of French waste management firms Veolia and Suez could lead to higher prices.

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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