Pennon Group, owners of South West Water, is considering a takeover of Southern Water, according to a report in yesterday’s Sunday Times newspaper.
The FTSE 100 company is cash-rich following the recent sale of its waste group Viridor in July for £4.2 billion.
According to the newspaper, Pennon has also “run the rule” over Wessex Water and Bristol Water – but Southern is thought to be the more likely target.
Pennon’s latest trading statement issued on 25th September said it had received net cash proceeds of £3.7 billion from the Viridor sale and it was pursuing opportunities for growth within the UK water industry.
“We continue to review the most efficient and effective method of returning value to shareholders, alongside considering earnings accretive market opportunities. Any potential investment will be assessed in terms of value creation and the impact on shareholder returns, income and growth, as well as the impact on customers and other stakeholders. Any use of capital to pursue an investment opportunity will be compared with the alternative of returning that capital to shareholders.” the statement says.
Pennon will publish its half year results for 2020/21 later this month – the Sunday Times said the Group had declined to comment on the story.
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