 Anglian Water's parent group turned down a �900m offer |
A multi-billion pound tussle for UK water firm AWG could be underway as a European private equity firm plans a bid, it is reported. CVC Partners is planning a �1bn move for the former Anglian Water, according to the Times newspaper.
AWG is already being eyed by German investment bank WestLB.
According to The Times, CVC's bid would total around �4.3bn ($7.02bn) including the cost of taking on AWG's �3.3bn debt.
AWG carries out a range of services for sectors such as telecommunications, gas and water.
West LB has set out six areas it wants to discuss with AWG before a formal offer is made.
These include the level of pensions liabilities and debt levels at the water business.
The German company's offer is thought to be considerably higher than the previous one of �900m, or just over �5 a share.
Earlier this year, AWG parted company with chief executive Chris Mellor after the board called for new leadership to take the business forward.
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