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Thu 16 Aug 2012 11:15 AM

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Qatar, Abu Dhabi among bidders for UK water giant - report

Gulf funds said to be eyeing UK's largest publicly listed water company, British media reports

Qatar, Abu Dhabi among bidders for UK water giant - report
(Image for illustrative purposes)

Qatari and Abu Dhabi funds are part of a consortium bidding for the UK’s largest publicly listed water company, according to media reports in the UK.

Shares in Warrington-based water company United Utilities reached a four-year high on speculation it was the subject of a takeover bid.

Media speculation has claimed a consortium consisting of the Canadian pension fund Ontario Teachers and Qatari and Abu Dhabi funds are in the bidding for the utility firm.

The bid for the company, which is listed on the London Stock Exchange's FTSE 100 index, is reported to be in the region of GBP£6.1bn (US$9.5bn).

However, other reports also claim the China Investment Corporation, China’s sovereign wealth fund, has also expressed interest.

A United Utilities spokesman declined to comment on the speculation.

Formed in 1995, United Utilities supplies water facilities to over 3m homes and businesses in the north west.

The company saw revenue increase from GBP£1.51bn (US$2.36bn) to GBP£1,564.9m in the year to the end of March 31, while operating profit rose from GBP£580.2 to GBP£591.5m

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