Suitors line up for AWG
AWG Plc, the parent company of Anglian Water and one of Huntingdonshire s few plcs, looks set to be sold. The company s board confirmed on Monday that it was recommending a bid from a consortium of pension funds, but said other suitors were waiting in the
AWG Plc, the parent company of Anglian Water and one of Huntingdonshire's few plcs, looks set to be sold.
The company's board confirmed on Monday that it was recommending a bid from a consortium of pension funds, but said other suitors were waiting in the wings and further offers might emerge.
Osprey Acquisitions Limited, a consortium of Canada Pension Plan Investment Board, Colonial First State Global Asset Management, Industry Funds Management and 3i Group Plc, has offered £15.55 per share, valuing awg at £2.2billion.
Osprey has given the AWG board assurances that it is a long-term investor. It has also indicated that it endorses AWG's current strategy.
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Group chief executive Jonson Cox said: "Osprey have told us that they want to buy AWG because we are a stable, successful business - and they want it to stay that way.
"As a Board we are very conscious of our public service duties. We sought and received assurances that Osprey would respect our commitment to customer service, environmental protection and employees.
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"Anglian Water is delivering where it counts for customers. Our customers currently have the lowest price increases in the country. And through careful, long-term management of our water resources, we have avoided the need for any water restrictions during the summer, despite being the driest region in the UK."
If shareholders accept the offer, the water regulator, Ofwat, will consult to ensure that the interests of customers are protected. The process is likely to take a couple of months to complete.
The company said other potential investors had expressed interest in AWG that may or may not lead to formal offers being made.
INFORMATION: Canada Pension Plan Investment Board is responsible for managing assets of Canada's national state pension system. Colonial First State Global Asset Management is the asset management division of Commonwealth Bank of Australia, one of Australia's leading financial services companies. Industry Funds Management is an investment fund owned by a group of Australia's largest pension funds. 3i Group Plc is a UK-based FTSE 100 investor.