UK water company backs takeover offer

Yorkshire Water owner Kelda today backed a takeover proposal valuing the business at just over £3bn (€2bn).

Yorkshire Water owner Kelda today backed a takeover proposal valuing the business at just over £3bn (€2bn).

The Kelda board’s recommendation comes after the company revealed last week that it had been approached by an infrastructure consortium involving leading financial institutions, including Citigroup and HSBC.

Kelda chief executive Kevin Whiteman said today that the offer was a good one for customers, the company’s 3,000 staff and shareholders.

He added: “The members of the consortium are highly credible institutions and, as investors, are taking a long term perspective on our business with a view to continued delivery of excellent service levels to customers, and opportunities for our employees.”

Yorkshire Water is Kelda’s principal UK subsidiary, providing water and waste water services to more than 4.7 million people and 140,000 businesses. Kelda Group, previously named Yorkshire Water, was originally formed following water company privatisations in 1989.

The ten regional English and Welsh water companies to emerge at privatisation have been prime targets for infrastructure funds because of their stable, transparent cash flows.

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