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Bid move for Anglian Water firm Bid move for Anglian Water firm
(10 minutes later)
Anglian Water-owner AWG has said it has received an approach which may lead to a bid for the company. Shares in Anglian Water-owner AWG have jumped nearly 13% after the firm said it had received an approach which may lead to a takeover bid.
AWG said that there was no certainty that an offer would be made, and further announcements would be made in due course. AWG did not name the potential suitor and added that there was no certainty that an offer would be made.
Anglian Water serves about six million customers in the east of England and Hartlepool. The Anglian Water business serves about six million customers in the east of England and Hartlepool.
AWG also owns support services group Morrison, which works in the water, gas, electricity and telecoms sectors.AWG also owns support services group Morrison, which works in the water, gas, electricity and telecoms sectors.
AWG has about 9,000 staff based in offices across the UK. AWG employs about 9,000 staff across the UK.
In May this year it said annual profits had tripled to £109m in the year to April 2006, helped by a combination of price rises and dry weather boosting demand. In May, it said annual profits had tripled to £109m in the year to April, helped by a combination of price rises and dry weather boosting demand.
News of the bid approach pushed shares in AWG up nearly 13% to 1,538 pence in early trade. AWG's shares were up 176 pence, or 12.9%, at 1,538p in early trade.
The news also lifted shares in other water companies, with Northumbrian Water up 4.4% and Kelda Group 3.5% higher.