Pennon Share News (PNN)

UK watchdog raises concerns over Pennon-SES water deal

May 3 (Reuters) - British water company Pennon faces in-depth regulatory investigation of its purchase of rival Sutton and East Surrey (SES) Water unless it can address concerns raised by the competition watchdog.

Pennon seeks to allay CMA's concerns over South West Water acquisition

(Alliance News) - The UK's competition watchdog on Friday warned Pennon Group PLC that its planned acquisition of Sumisho Osaka Gas Water UK Ltd could face a deeper investigation should "acceptable" undertakings not be made.

LONDON BROKER RATINGS: Jefferies cuts AJ Bell; Deutsche likes ConvaTec

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

CMA set for deeper probe of Pennon's SES acquisition

(Sharecast News) - Pennon Group worked to assure the market that its acquisition of Sutton and East Surrey Water (SES Water) would avoid a deeper competition probe on Friday, telling shareholders that it planned to offer "appropriate undertakings" to regulators.

LONDON BRIEFING: InterContinental Hotels makes first-quarter progress

(Alliance News) - London's FTSE 100 is called to open higher on Friday, on the expectation of a softer US jobs report, which could take some sting out of hawkish Federal Reserve interest rate expectations.

LONDON BROKER RATINGS: BofA cuts Ashmore; JPMorgan lifts Fresnillo

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

LONDON BRIEFING: Antofagasta backs outlook; Entain says "more to do"

(Alliance News) - London's FTSE 100 is called to open lower on Wednesday, after a loftier than expected UK inflation reading, and amid lingering US interest rate worries.

LONDON BROKER RATINGS: UBS raises Crest Nicholson; Stifel cuts CRH

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

LONDON BROKER RATINGS: JPMorgan raises M&S; HSBC likes Kingfisher

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

London close: Stocks finish firmer ahead of Easter break

(Sharecast News) - London's equity markets closed higher on Thursday ahead of the Easter break, despite lingering concerns over the UK's recessionary status in the latter part of last year.

Pennon continues to trade in line with expectations

(Alliance News) - Pennon Group PLC said its financial performance for the year ending March 31 remains in line with expectations, despite its waste water operational performance being impacted by "challenging" weather conditions.

Pennon trading in line, but bad weather impacts waste-water operations

(Sharecast News) - Water group Pennon said it expects to report full-year results in line with expectations as it makes record levels of investment in the current pricing cycle, though challenging weather conditions have impacted its waste-water operational performance.

UK earnings, trading statements calendar - next 7 days

IN BRIEF: UK CMA starts merger inquiry into Pennon acquisition

Pennon Group PLC - Exeter, England-based water utility - The UK Competition & Markets Authority announces start of investigation into Pennon's acquisition of Sutton & East Surrey Group Holdings Ltd, formerly named Sumisho Osaka Gas Water UK Ltd. Pennon agreed to the deal, which has an enterprise value of GBP380 million including debt, in January. The inquiry's launch follows the CMA on February 27 inviting comments on the acquisition agreement.

IN BRIEF: CMA asks for comments on Pennon purchase of SES Water

Pennon Group PLC - Exeter-based water utility - The UK Competition & Markets Authority invites comments on Pennon's agreement to buy Sutton & East Surrey Water PLC, which was announced last month. The CMA had immediately served an initial enforcement order on Pennon in relation to the acquisition. Pennon agreed in January to buy Sumisho Osaka Gas Water UK Ltd and related businesses from Sumitomo Corp and Osaka Gas for GBP89 million, with the deal representing an enterprise value including debt of GBP380 million. Sumisho Osaka owns Sutton & East Surrey Water, or SES Water. The competition watchdog on Tuesday says it has not yet launched a formal investigation into the deal, but it is considering "whether the creation of that situation is likely to prejudice [water industry regulator] Ofwat's ability, in carrying out its functions, to make comparisons between water enterprises."