High valuations dampen merger hopes
- From: Vol 6, Issue 10 (October 2005)
- Category: General
- Region: Europe
- Country: United Kingdom
- Related Companies: Barclays Capital, Pictet and RWE/Thames (Water)
UK correspondent Andrew Cavenagh looks at how the long expected M&A boom has failed to materialise.
High market valuations – supported by the favourable regulatory review, the availability of cheap long-term finance, and improved credit ratings – are likely to inhibit mergers and acquisitions in the UK water sector in the near-to-medium term, industry analysts and investors believe.
With the market capitalisations of virtually all the water companies now at a premium to their regulated asset values (RAVs ...
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