UPDATE 1-Macquarie plans to cut stake in UK's Cadent - FT

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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;))

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