CORPORATE
- From: Vol 4, Issue 6 (June 2003)
- Category: Need to know
- Region: Europe
- Country: United Kingdom
- Related Companies: Bechtel, Edison, International Water (IWL), Northumbrian Water and Standard & Poor’s
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UK: Following recent market rumours about the future of International Water Limited (IWL), GWI contacted Bechtel to get the full story.
A spokesperson said that IWL’s owners – Edison and Bechtel – had put the company up for sale a year ago but only received one viable bid. The bidder failed to come up with the financing for the sale so IWL was taken off the market. The Bechtel representative added that IWL would now concentrate on extracting value from its existing contracts, and a decision on whether to sell or keep the company would be made at a later date – possibly in a year’s time. IWL has contracts in Sofia, Tallinn and Bielsko-Biala, Poland.
UK: Standard & Poor’s lowered its long-term ratings on Northumbrian Water to BBB from A- following its acquisition (see story, p.8).
