(Alliance News) - Pennon Group PLC's shares rose on Monday after the Daily Telegraph reported that the water company's Viridor waste management arm is set to be put up for sale.
Citing "City sources", the newspaper said Pennon rejected a bid from US private equity fund KKR early in 2019 that was an attempt to jump-start the sale process for Viridor.
Now, banks Morgan Stanley and Barclays have been appointed to run the process at a valuation for Viridor of GBP4 billion, the newspaper said.
https://www.telegraph.co.uk/business/2020/01/11/us-private-equity-firm-kkr-makes-surprise-4bn-bid-viridor/
Pennon shares were up 9.5% at 1,103.02 pence, the second best performer in the FTSE 250 on Monday, giving the entire company a GBP4.64 billion market capitalisation.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Pennon (PNN)
