Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Investments definition

What does Investments mean? In practice, investments are financial products or rights acquired with the expectation of income or capital growth, such as shares, bonds, fund units and derivatives. In UK financial services law, however, the regulated concept is “specified investments” under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). This defined list includes, among others, shares, debentures and loan stock, government and public securities, warrants, units in a collective investment scheme, options and futures, contracts for differences, and rights under a contract of insurance. Whether a firm must be authorised, may communicate financial promotions, or owes particular...

Pennon/Sembcorp Bournemouth Water merger cleared at CMA Phase 2: no significant prejudice to Ofwat’s comparative regulation (England and Wales), 2015

Published by a LexisNexis Competition expert

Practice notes

CASE HUB ARCHIVED

This archived case hub reflects the position as at the decision date of 5 November 2011 and is no longer maintained. For additional details, see the timeline, commentary and related cases

Case facts

Outline

UK merger scrutiny into the completed purchase of Sembcorp Bournemouth Water Investments Limited by Pennon Group. In line with its obligation to refer any water sector merger to a phase 2 inquiry where the parties have UK turnover above £10m, the CMA proceeded to a phase 2 investigation

Latest developments

On 5 November 2015, the CMA gave unconditional clearance to the deal, upholding its provisional conclusions

Parties

Pennon Group is a UK-based water utility and waste business. It is among the largest environmental and resource management companies in the UK, with assets of around £5bn. Its subsidiary, South West Water, is one of the UK’s ten water and sewerage companies, delivering water and sewerage services across Cornwall and Devon and in limited areas of Dorset and Somerset. For the year ended 31 March 2015, South West Water reported turnover of about £518m, the vast majority of which derived from regulated activities...

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