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Industrials

BUZZ-Pennon: Touches highest ever on report of surprise KKR bid for unit

(Updates)

** Shares of utility company Pennon Group up 6.7% at 1,073p; among top gainers on London’s midcap index

** Report says here U.S. private equity firm KKR has submitted a bid for Pennon's waste management arm Viridor, with co seeking 4 bln pounds ($5.19 bln) from the sale

** Pennon shares hit record high at 1,110.5 pence

** Report says investment bankers from Morgan Stanley and Barclays are understood to have been appointed to sell Viridor

** Pennon, in response to the report, says review of co is ongoing and “all options are being considered”

** Viridor provides services to more than 150 local authorities and corporate clients, with over 32,000 customers across the UK - company website

** Shares had gained ~48% in 2019 ($1 = 0.7701 pounds) (Reporting by Yadarisa Shabong in Bengaluru)

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