EUROPE WATER IN BRIEF

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OHL has completed the sale of its environmental division Inima to GS Engineering & Construction and Copainima, a Korean pension fund, for an equity value of €231 million, netting the group a €43 million capital gain.

Contrary to earlier expectations, the deal includes the equity stakes held by Inima in the Algerian desalination projects at Mostaganem and Cap Djinet.

  • Finnish consultancy Pöyry has appointed Alexis Fries as its new president and CEO, filling the position left when Heikki Malinen vacated the post on 13 June. Currently CEO of Swiss energy concern EOS Holding SA, Fries has been on the Pöyry board since 2008. Meanwhile, Pöyry has reached an agreement to sell its Romanian division to the local management team.
  • Berliner Wasserbetriebe will appeal against the German Federal Cartel Office’s decision to implement a 17-18% cut in the drinking water tariffs charged to the citizens of Berlin. Meanwhile, Veolia has indicated its willingness to divest its 24.95% stake in the company to the City of Berlin.
  • The municipality of Rome, which holds a 51% stake in water utility Acea SpA, has said it will not be selling a further 21% share until the company’s share price rises significantly. The claim followed weeks of fierce opposition to the announced sale by left-wing city councillors and trade union members. The sale had been expected to net Rome €200 million.
  • Moody’s downgraded the ratings of Italian multi-utility A2A SpA from Baa1 to Baa2 at the end of May, following a shareholder restructuring at Edison, in which A2A held a 15.6% stake.
  • The UK’s Competition Commission has formally cleared the acquisition of Cambridge Water by Alinda-owned South Staffordshire plc. The deal will be the first merger of water companies in England since Mid Kent Water and South East Water fused back in 2007.
  • Parvus Asset Management has reduced its stake in Estonian water concessionaire Tallinna Vesi to 4.87%. Parvus became the third-largest shareholder in late 2008, but has been steadily taking profits ever since.