RBS doubles its money on Southern sale
- From: Vol 8, Issue 10 (October 2007)
- Category: General
- Region: Europe
- Country: United Kingdom
- Related Companies: Access Capital Advisers, Aqueduct, Babcock & Brown, Barclays Capital, Challenger Infrastructure Fund, DE Shaw, Deutsche Bank, Goldman Sachs, Hastings Funds Management, Inexus, JP Morgan, Macquarie Bank, Merrill Lynch, Morgan Stanley, Northern Gas Networks, Perry Capital, Royal Bank of Scotland, South East Water, Southern Water, Sutton & East Surrey Water, Thames Water, UBS and Wales & West Utilities
After 11 years in Scottish hands, the Aussies have seized control of Southern Water with a blindingly bullish bid. Have the boys from down under paid over the odds?
The seemingly insatiable appetite of Australian investors for UK water assets enabled Royal Bank of Scotland to sell Southern Water for £4.195 billion in early October – a 27% premium to the company’s projected regulatory capital value (RCV) in March 2008, and more than double the price that the RBS/Vivendi consortium paid to purchase the company four years ...
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