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Pennon Group Plc (PEGRF)
- Reuters SG
Deals of the day-Mergers and acquisitions
** Sony Pictures Entertainment (SPE) and Apollo Global Management have made a $26 billion cash offer for Paramount Global, the Wall Street Journal reported. ** Britain's competition watchdog said that Pennon Group's acquisition of Sutton and East Surrey (SES) Water could hurt the water regulator's ability to make comparisons between water companies. ** The UK's competition regulator launched an in-depth probe into Lindab's acquisition of British ventilation company HAS-Vent, after the Swedish firm did not offer any undertaking following the watchdog's initial investigation.
- Reuters
UK watchdog raises concerns over Pennon-SES water deal
Britain's Competition & Markets Authority (CMA) said on Friday the deal could hamper water regulator Ofwat by removing SES Water from its dataset and reducing the number of comparators available to estimate cost allowances and set service quality targets. Pennon, which bought the holding company of SES Water in January for an enterprise value of 380 million pounds ($477 million), said it would offer undertakings to address the CMA's concerns by the required deadline of May 13.
- PA Media: Money
South West Water owner delays environmental performance rating target
Pennon thinks it will take until 2025, a year later than planned, to get a four-star rating from the Environment Agency.
