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| Version 2 | Version 3 |
|---|---|
| Bid move for Anglian Water firm | Bid move for Anglian Water firm |
| (40 minutes later) | |
| 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. | 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 did not name the potential suitor and added that there was no certainty that an offer would be made. | AWG did not name the potential suitor and added that there was no certainty that an offer would be made. |
| The Anglian Water business 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 employs about 9,000 staff across the UK. | AWG employs about 9,000 staff across the UK. |
| Sector boost | |
| Water companies, and other utilities such as power firms, are seen as attractive bid targets as they offer steady and predictable earnings to investors. | |
| See AWG's share price | |
| In May, AWG said annual profits had tripled to £109m in the year to April, helped by a combination of price rises and dry weather boosting demand. | In May, AWG said annual profits had tripled to £109m in the year to April, helped by a combination of price rises and dry weather boosting demand. |
| AWG's shares were up 11.1% at 1514 pence by mid-morning, having earlier risen as much as 12.9%. | AWG's shares were up 11.1% at 1514 pence by mid-morning, having earlier risen as much as 12.9%. |
| The news also lifted shares in other water companies, with Northumbrian Water up 4.4% and Kelda Group 3.5% higher. | The news also lifted shares in other water companies, with Northumbrian Water up 4.4% and Kelda Group 3.5% higher. |
| Analysts said that competition regulations made it unlikely that another water company would offer to buy AWG, though they did not discount further offers coming in from investment companies. | Analysts said that competition regulations made it unlikely that another water company would offer to buy AWG, though they did not discount further offers coming in from investment companies. |