RE: Merger22 Dec 2021 12:55
A buddy sent me the announcement pasted below being sent around internally by the ceo. Makes the situation sound a tad brighter than the rns.
"As you will all be aware, as part of our acquisition of Bristol Water in June 2021, the Competition and Markets Authority (CMA) has been undertaking a review of the proposed merger.
Today, we have been advised that Phase 1 is now complete and we are getting closer to concluding the review. As a next step, Pennon has been asked to consider providing further information to help ensure we can comply with Ofwat’s Regulatory requirements.
Throughout this process, we have worked transparently and collaboratively with both Ofwat and the CMA, and we intend to submit our additional response by 31 December 2021, outlining how the acquisition of Bristol Water delivers for customers, communities and the environment.
Together, Ofwat and the CMA will review the additional information and once agreed, we can expect to gain full clearance in early March 2022.
We remain confident that by bringing together the best of the best across the Greater South West, drawing on the experience, talent and commitment of the c2,500 people who work for Pennon Group that we will be able to deliver improved services for the things that matter most to our 3.2 million customers.
Thank you for your continued support, and everything you do day in, day out for our customers, local communities and one another.
Susan
Susan Davy
Chief Executive Officer
Pennon Group