Complex sentence: The French embassy and the French water company Lyonnaise des Eaux told the government about what they presented as the success of the water privatization in Buenos Aires, where competitive bidding had initially reduced water tariffs below their level under government management.
Split into simpler sentences: The French embassy and the French water company Lyonnaise des Eaux told the government about what they presented as the success of the water privatization in Buenos Aires. There, competitive bidding had initially reduced water tariffs below their previous level under government management.