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Abu Dhabi Investment Authority is reportedly preparing to bid for Pennon Group, owner of South West Water, and sell its struggling waste management business Viridor.
The group is valued at £5billion.
Last year South West Water posted pre-tax profit of £83.8 million for the six months to 30 September, up from £76.2 million during the same period in 2011. But pre-tax profit at Viridor was down 26.5 per cent to £22.5 million.
Pennon Group declined to comment on the reports.
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