Macquarie plans to cut stake in UK's Cadent - FT (updated)

Federated Hermes

18/02/2024 05:49

(Adds details from Financial Times report in paragraph 3,
background in paragraphs 4-5)
       Feb 18 (Reuters) - Macquarie Group  MQG.AX  has joined
US-based Federated Hermes  FHI.N  to look to collectively sell
stakes in UK's gas network operator Cadent worth 1.3 billion
pounds  ($1.64 billion), the Financial Times reported on Sunday.
    Macquarie, which owns more than a 26% stake in the company,
is in early stage talks to sell a 5% stake, while Hermes, which
owns 13% of Cadent is looking to sell a 4.6% stake, the report
said, citing people close to the discussions.
        Macquarie and Federated Hermes, however said that they
are committed to be long-term investors while the former said
that there is no change in strategy amid the share sale, the
newspaper said citing the companies.
  
        The FT report comes as Britain is eyeing to phase out
use of use of natural gas as the country is targeting to reach
net zero emissions by 2050.
  
        Federated Hermes and Cadent did not respond to a Reuters
request for comment outside office hours.   
($1 = 0.7938 pounds)

 (Reporting by Anirudh Saligrama in Bengaluru; Editing by Raju
Gopalakrishnan)
 ((Anirudh.Saligrama@thomsonreuters.com; @journoanirudh on
Twitter;))