Utilities giant Pennon Group Plc has begun the fourth phase of a £400m share buy-back programme as it awaits a competition watchdog decision about its takeover of Bristol Water.
The Exeter-headquartered business, which this year was knocked off its perch as the largest firm in the region by turnover in the the Western Morning News Annual Business Guide, initiated the first phase of a share repurchase scheme, of up to £400m, in July 2021.
The first three phases of the Pennon’s on-market share buy-back programme spent about £150m in total during the following six months as the company, parent of South West Water, strove to repurchase equity in a bid to reduce share capital.
