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Opportunity costs
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Mr Harpin took a £300m demerged water company and turned it into a £3.7bn service and insurance group
Chief executive’s successor should make more acquisitions
Chief executive to leave FTSE 100 support services and distribution group
Goldman Sachs sees group’s acquisition pipeline as undervalued
A focus on the details has helped the distributor surmount low margins
Conglomerates such as this should have died out years ago, but just look at the returns
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