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Anglian Water firm in £2.2bn bid Anglian Water firm in £2.2bn bid
(about 2 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 the deal must still be approved by its shareholders. AWG has recommended a 1555 pence per share bid, although it later said that several other unnamed parties had also expressed interest in the business.
AWG, which has six million customers, said last month that it was in talks with an unnamed suitor. The Osprey consortium includes the Commonwealth Bank of Australia, Industry Funds Management and Canada's Pension Plan Investment Board.
The Osprey consortium also 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.
'First-class service''First-class service'
Cambridgeshire-based AWG employs 9,000 staff across the UK. News of the bid from Osprey Acquisitions and the possibility of other offers sent AWG's shares up more than 4% to 1618 pence.
Besides its water business, it also owns facilities management firm Morrison's. 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 We are long-term investors Osprey Acquisitions href="http://newsvote.bbc.co.uk/2/shared/fds/hi/business/market_data/shares/3/23416/intraday.stm" class="">Check AWG shares
Osprey Acquisitions, the company formed to make the bid, 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'
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.
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.
The deal must be approved by the Competition Commission.
The Australian firms already own 50% of Mid Kent Water.