United Utilities Rises for Fourth Day on Reports of Possible Bid
United Utilities Group Plc (UU/), the U.K.’s biggest publicly traded water company, rose for a fourth day in London trading on newspaper reports of a possible bid.
The Warrington-based utility climbed 2.8 percent to a one- month high of 727 pence by the close. It’s advanced 20 percent this year compared with a 19 percent gain by Britain’s second- largest water company, Severn Trent Plc. Pennon Group Plc (PNN) has risen 4.3 percent while the 18-member Bloomberg World Water Index has gained 14 percent over the same period.
United Utilities spokesman Shaun Robinson declined to comment on “City speculation” to Bloomberg News today on what the Telegraph called “rehashed takeover” talk. The Guardian yesterday cited speculation of a potential bid from investors including the Ontario Teachers’ Pension Plan, Abu Dhabi funds, China Investment Corp. and KKR & Co.
The utility gained similarly on Aug. 14 on a Daily Mail report citing breakup bid speculation and some of the same company names.
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