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Anglian Water ponders Morrison sale

The owner of a construction company at the centre of a £130 million

lawsuit was today said to have appointed advisers to consider the

sale of the business.

Anglian Water Group has reportedly hired an investment bank

and corporate finance house as part of its deliberations over the

future of Morrison, the construction firm it bought for £263 million

five years ago.

The deal has been mired in controversy ever since, resulting in a

High Court case alleging 'misrepresentation' of Morrison plc's

accounts in the run-up to the purchase. The matter is due to be heard

in London early next year.

AWG today declined to comment on the appointment of advisers but

said it had been looking at the medium to long term options for the

business.

The report in the Sunday Times said Dresdner Kleinwort Wasserstein

and Close Brothers had been appointed to handle a sale of the

business, which specialises in utilities, social housing, urban

regeneration, health and transport.

AWG recently flagged up an improved performance from Morrison, with

half-year turnover up to £435.5 million from £418.6 million,

generating operating profits of £14.5 million, compared with £1.3

million a year earlier.

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