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Pennon soars on report of rejecting KKR bid for unit Viridor

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01/13/2020 | 11:21am EST

Pennon said on Monday a previously announced review into its strategic focus was ongoing and all options were being considered in response to a report that KKR had made a bid for the British water utility's waste management business.

The Telegraph, citing sources, reported late on Friday that the U.S. private equity firm had attempted to jumpstart proceedings to buy Viridor earlier in 2019 but was rejected by Pennon.

London-listed Pennon shares jumped as much as 10.4% on the day and by 1555 GMT were trading at an all-time high of 10.8 pounds.

Pennon in September said it would conduct a review of its strategic focus, growth options and capital allocation policy given the strong performance of Viridor and its utility business South West Water.

"The review is ongoing and all options are being considered. We will update the market as and when it is appropriate to do so," a company spokeswoman said in an e-mailed statement to Reuters on Monday.

KKR declined to comment on the report.

(Reporting by Muvija M and Pushkala Aripaka in Bengaluru; editing by David Evans)

Stocks mentioned in the article
ChangeLast1st jan.
CARDINAL HEALTH, INC. -0.25% 52.12 Delayed Quote.8.76%
CARDLYTICS, INC. -1.05% 79.39 Delayed Quote.27.63%
KKR & CO. INC. -0.87% 28.6 Delayed Quote.-1.10%
PENNON GROUP PLC -2.62% 1078 Delayed Quote.8.00%
WASTE MANAGEMENT -2.47% 110.81 Delayed Quote.-0.30%
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