EUROPE WATER IN BRIEF

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The Greek government expects to name legal and technical advisory teams for the privatisation of water companies EYATH and EYDAP later this month.

Both deals are scheduled to conclude by the end of 2012. HSBC and EFG were earlier named as financial advisers on the EYATH sale, while Emporiki Bank and EFG will advise on the EYDAP stake sale.
 
Manuel Frexes and Álvaro Castelo- Branco, senior municipal politicians in Portugal’s ruling conservative coalition, have been named as board directors of the state water operator Águas de Portugal. The announcement follows the appointment in December of Afonso Lobato of Efacec Ambiente and Gonçalo Martins of Citigroup as AdP president and finance director, respectively.
 
Swedish aeration systems supplier Sorubin has teamed up with Siemens Financial Services to offer its European customers rental and leasing options for its energy-efficient technologies.
 
As expected, the UK’s Office of Fair Trading has referred the planned merger of water-only companies Cambridge Water and South Staffordshire Water to the Competition Commission for further investigation. The commission is expected to take a decision on whether the deal can move forward by 20 June 2012.
 
Veolia Environnement continues to optimise its liability portfolio, and in December repurchased $210 million of its 5.25% June 2013 bond and €56 million of its 4.875% May 2013 issue.
 
Following a number of revisions to the deal structure, Glasgow-based Clyde Union Pumps has finally been acquired by NYSElisted SPX Corporation for £500 million. The deal terms also allow for an earn-out of up to a further £250 million based on Clyde Union’s 2012 EBITDA number.
 
The new Italian government has postponed the annulment of the country’s local water management bodies (ATOs) until 31 December 2012. The ATOs were meant to streamline and rationalise water management in the country, but were abolished last year. The government is now drafting new rules on public services, which are due for release by the end of January.