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Pennon Group PLC - Exeter-based water utility - The UK Competition & Markets Authority says that on Monday it served an initial enforcement order on Pennon in relation to the FTSE 250 company’s agreement to buy Sutton & East Surrey Water PLC, which Pennon announced on Wednesday. Pennon said it agreed to buy Sumisho Osaka Gas Water UK Ltd and related businesses from Sumitomo Corp and Osaka Gas for £89 million, with the deal representing an enterprise value including debt of £380 million. Sumisho Osaka owns Sutton & East Surrey Water, or SES Water. An initial enforcement order requires the companies to take no irreversible action while the CMA determines whether it will investigate the deal for competition concerns. Current stock price: 737.00 pence 12-month change: down 23% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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