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| Version 2 | Version 3 |
|---|---|
| Anglian Water firm in £2.2bn bid | Anglian Water firm in £2.2bn bid |
| (about 6 hours later) | |
| The owner of Anglian Water has agreed to a £2.2bn takeover from a consortium including private equity firm 3i. | The owner of Anglian Water has agreed to a £2.2bn takeover from a consortium including private equity firm 3i. |
| AWG has recommended a 1555 pence per share bid, although several other unnamed parties have also expressed interest in the business. | |
| The Osprey consortium includes the Commonwealth Bank of Australia, Industry Funds Management and Canada's Pension Plan Investment Board. | The Osprey consortium includes the Commonwealth Bank of Australia, Industry Funds Management and Canada's Pension Plan Investment Board. |
| AWG employs 9,000 staff across the UK and has about six million customers. | AWG employs 9,000 staff across the UK and has about six million customers. |
| 'First-class service' | 'First-class service' |
| News of the bid from Osprey Acquisitions and the possibility of other offers sent AWG's shares up more than 4% to 1618 pence. | News of the bid from Osprey Acquisitions and the possibility of other offers sent AWG's shares up more than 4% to 1618 pence. |
| AWG said it would consider any other bids should they materialise, but warned that this may not happen and, for the time being, it was recommending the Osprey deal. | AWG said it would consider any other bids should they materialise, but warned that this may not happen and, for the time being, it was recommending the Osprey deal. |
| We are long-term investors Osprey Acquisitions Check AWG shares | We are long-term investors Osprey Acquisitions Check AWG shares |
| Should the deal be approved by AWG shareholders, Osprey said its focus would be on delivering a "first-class service" to Anglian customers. | Should the deal be approved by AWG shareholders, Osprey said its focus would be on delivering a "first-class service" to Anglian customers. |
| "We are long-term investors," an Osprey spokesman said. | "We are long-term investors," an Osprey spokesman said. |
| "We are looking forward to supporting management's strategy of concentrating on delivering first-class service to customers and on its regulatory obligations, while seeking further operating and capital expenditure efficiencies." | "We are looking forward to supporting management's strategy of concentrating on delivering first-class service to customers and on its regulatory obligations, while seeking further operating and capital expenditure efficiencies." |
| 'Attractive' | 'Attractive' |
| AWG said the offer was an "attractive opportunity" for its investors. | AWG said the offer was an "attractive opportunity" for its investors. |
| "AWG's management has transformed the company and delivered a sustained improvement in performance for both shareholders and customers," said chairman Peter Hickson. | "AWG's management has transformed the company and delivered a sustained improvement in performance for both shareholders and customers," said chairman Peter Hickson. |
| "The board of AWG has considered the offer very carefully and unanimously recommends it to shareholders." | "The board of AWG has considered the offer very carefully and unanimously recommends it to shareholders." |
| Industry Funds Management is a specialist financial firm which invests in utility and infrastructure assets such as water companies. | Industry Funds Management is a specialist financial firm which invests in utility and infrastructure assets such as water companies. |
| Water companies are desirable businesses for investors | |
| The Canadian Pension Plan Investment Board was set up in 1997 to invest surplus assets from Canada's state pension scheme. | The Canadian Pension Plan Investment Board was set up in 1997 to invest surplus assets from Canada's state pension scheme. |
| Separately, Australian finance firms Hastings Diversified Utilities Fund and Utilities Trust of Australia - subsidiaries of the Westpac Banking Corporation - are to buy South East Water for £665.4m. | Separately, Australian finance firms Hastings Diversified Utilities Fund and Utilities Trust of Australia - subsidiaries of the Westpac Banking Corporation - are to buy South East Water for £665.4m. |
| The deal must be approved by the Competition Commission since the Australian firms already own 50% of Mid Kent Water. | |
| Although they are highly regulated, water companies are considered desirable investments because of their stable cash flows. | |
| Thames Water, which has been put up for sale by its German owner RWE, is expected by analysts to fetch up to £7bn. |