Veolia contemplates sale of stake in Southern Water |
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Published
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Fri, 30 Dec 2005 11:05
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PARIS: French utility Veolia Environnement confirmed newspaper reports that it has got an offer for its 25 per cent stake in the unlisted Southern Water and that it may consider selling the stake. However, the company has no plans to exit the British water market, indicating that it will remain the full owner of Three Valleys Water.
A company spokesperson said it has been contacted over the sale of its minority 25 per cent stake in the company, "but for the time being no deal has been struck". She added that in no case does it plan to exit Great Britain's water market.
The company refused to identify the bidder or give the details of the value quoted.
Southern Water is majority-owned by Royal Bank of Scotland. It delivers drinking water to around one million households in southeast England and in September had a net asset value of 711.2 million pound.
Veolia, a spin-off from French media and telecoms major Vivendi, had teamed up with Bank of Scotland in 2003 as its attempt to buy the whole company was blocked by the government.
Newspaper reports indicated that Veolia has engaged investment bank NM Rothschild to find a buyer for the stake.
Besides Three Valleys Water, which has sales of around 200 million pounds, Veolia also owns Folkestone & Dover Water Services and Tendring Hundred Water Services.
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