11 Jan 2022 07:11
Bristol Water plc
RNS Announcement
CMA provisionally accepts proposed undertakings in relation to the acquisition of Bristol Water plc by Pennon Group PLC
Following the acquisition by Pennon Group PLC (Pennon) of Bristol Water plc (Bristol Water) on 3 June 2021 (the Acquisition), the Competition and Markets Authority (CMA), with input from the Water Services Regulation Authority (Ofwat) commenced an investigation into the Acquisition, as required pursuant to the Water Industry Act 1991.
On 22 December 2021 the CMA confirmed its intention to pursue a Phase 2 merger review unless undertakings it considered to be acceptable were put forward by Pennon. The CMA has today announced that it considers there are reasonable grounds to believe that the undertakings offered by Pennon on 31 December 2021 might be accepted by the CMA under the Water Industry Act 1991. Should undertakings be accepted by the CMA, this would enable the merger with Bristol Water to be cleared without reference to a Phase 2 merger review.
In line with standard procedure, the CMA has confirmed that it will launch a consultation on the undertakings put forward by Pennon, which is expected to conclude by 7 March 2022.
Bristol Water plc
Dated: 11 January 2022
For further information contact:
| |||
Mel Karam, Chief Executive Officer | |||
Laura Flowerdew, Chief Financial Officer | |||
Bristol Water plc | |||
Tel 0117 953 6470 | |||
Or contact: | Bristol Water Corporate Affairs on 0117 953 6470 during office hours or 0800 917 8066 at any time. | ||
Bristol Wtr.8t% (BWRA)