Pensioner power

Boyfield, Keith
June 2007
Utility Week;6/22/2007, Vol. 27 Issue 13, p18
Trade Publication
The article discusses the crucial role played by British pension fund trustees in a utility takeover deal under the 2004 Pension Act. Trustees cannot block a deal they find unattractive but they can upset the pricing or hinder a balance sheet reconstruction or refinancing. In major takeovers, pension scheme trustees have to engage directly with bidders, particularly private equity bidders. Trustees must rely on financial advisers to assess projected cash flows and how to support pension schemes.


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