Complex sentence: The French embassy and Lyonnaise des Eaux told the government about what they presented as the success of the water privatization in Buenos Aires where Lyonnaise had won a concession in 1993 and competitive bidding had initially reduced water tariffs below their previous level under government management.
Split into simpler sentences: The French embassy and Lyonnaise des Eaux told the government about what they presented as the success of the water privatization in Buenos Aires where Lyonnaise had won a concession in 1993. In Buenos Aires, competitive bidding had initially reduced water tariffs below their previous level under government management.