Yorkshire Water News Update: 30% Share To Be Sold

Yorkshire Water 30% share to be sold

Yorkshire Water news update: a 30% share of the company is looking to be sold to a collaborative bid from American firm Goldman Sachs and European Allianz.

The American investment banking group Goldman Sachs and Europe’s biggest insurance group Allianz are making moves together to bid £2bn for a 30 per cent share in Northern utilities company Yorkshire Water.

Despite water companies generally experiencing a high level of scrutiny when it comes to their operations, the company are highly profitable and it is unlikely that Goldman Sachs and Allianz will be the providing the only bid for the Bradford based firm.

Last year (2012) Yorkshire Water were targeted by Members of Parliament for joining in with the scandal of not paying their corporation tax; despite making £186m in profits and paying its investors £256m.

According to The Sunday Times, the 30% bid that has got Goldman Sachs and Allianz so interested has arisen in light of Citigroup and M&G selling their shares; 17% of their 37% holding for Citigroup and 13% respectively for M&G. The bidding is expected to take place in September.

Yorkshire Water have claimed that all of this is speculation and that they do not comment on speculation; Goldman Sachs have declined any comment on the topic so all those eager to find out the fate of the 30% share will just have to wait until September.

According to Tory MP Charlie Elphicke, Yorkshire Water,  since they were privatised by their international investors in 2008, they have recorded a £2.6bn turnover and £990m operating profits but a net tax credit of £46.2m.

Elphicke has summoned the opinion of regulators to discuss the return that water companies are receiving. He has accused Yorkshire Water in particular of abusing the internet deduction system and has suggested that they either reduce customers’ bills or pay a lump sum of tax.

If you are interested in finding out more information about this potential deal in particular or indeed any of the products and services offered by Yorkshire Water, visit their website at www.yorkshirewater.com. If you are interested in becoming a customer with Yorkshire Water or indeed if you are already a customer with them and are interested in expanding the service you currently receive, contact them directly using the Yorkshire Water contact number. The number found through this link will connect you directly to the customer services department where they will be able to assist you with any enquiry you have.

 

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