Nomura recruits GJW to boost its bid for Hyder

The Principal Finance Group at Japanese securities house Nomura has handed GJW a pounds 200,000 brief to help its bid for ailing Welsh utility Hyder, and extended its links with Financial Dynamics for the same purpose.

The Principal Finance Group at Japanese securities house Nomura has

handed GJW a pounds 200,000 brief to help its bid for ailing Welsh

utility Hyder, and extended its links with Financial Dynamics for the

same purpose.



The PFG, under CEO Guy Hands, is bidding pounds 450 million for Hyder,

but will take on an estimated pounds 2 billion in debt. Its bid,

recommended to shareholders by the Hyder board, is aimed at keeping the

company based in Cardiff and ensuring there are no job losses. There is

no competition issue to prevent a finance house from entering utilities,

but there are regulatory hurdles to clear.



PFG, which has set up St David’s Capital as a bidding vehicle for Hyder,

retains FD for financial and corporate PR advice under FD board director

Andrew Dowler. The group has now extended the brief to cover St David’s,

with an additional project team being headed by FD managing director

Nick Miles.



Meanwhile, Hyder is receiving public affairs advice from LSA, the public

affairs arm of Charles Barker which has been trying to buy GJW for the

last three months. Merger talks between LSA and GJW are thought to have

stumbled on issues of due diligence, staffing and service

duplication.



These issues, likely to involve job losses, are understood to be

hindering a speedy resolution of talks.



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