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  5. UK CMA serves initial enforcement order for Pennon-Bristol Water deal

Pin to quick picksPennon Share News (PNN)

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Share Price Information for Pennon (PNN)

London Stock Exchange
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Share Price: 698.50
Bid: 702.50
Ask: 703.50
Change: 9.50 (1.38%)
Spread: 1.00 (0.142%)
Open: 687.00
High: 709.00
Low: 687.00
Prev. Close: 689.00
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UK CMA serves initial enforcement order for Pennon-Bristol Water deal

Mon, 21st Jun 2021 11:20

(Alliance News) - The UK Competitions & Markets Authority on Monday said it has slapped water utility Pennon Group PLC with an initial enforcement order in relation to the company's takeover of Bristol Water.

Pennon bought Bristol Water earlier in June for an equity value of GBP425 million and enterprise value of GBP814 million.

"This latest acquisition...firmly cements Pennon as one of the leading UK water and waste water companies," Chief Executive Susan Davy said at the time.

The initial enforcement order's commencement date was last Tuesday.

Initial enforcement orders are issued during the CMA's phase 1 assessment of a merger, and prevents integration of the two businesses. The CMA is mulling whether the deal will reduce competition.

Shares in Pennon were up 0.2% at 1,119.00 pence in London on Monday.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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