Welsh Water agrees to separate listing

Welsh Water agrees to separate listing

Welsh Water has agreed to demands by the regulator, Ian Byatt, for a separate listing of shares in its core water business on the London Stock Exchange. Mr Byatt wanted a listing of ordinary shares as part of the conditions for the proposed takeover by Welsh Water of South Wales Electricity but has accepted instead the issue of new preference shares and a series of other undertakings to ensure that the regulated water business is ring- fenced. The bid could however still be referred to the Monopolies and Mergers Commission by the Office of Fair Trading.