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Severn Trent receives takeover approach | Severn Trent receives takeover approach |
(35 minutes later) | |
A group of international investors is interested in buying UK water supplier Severn Trent, the company has said. | A group of international investors is interested in buying UK water supplier Severn Trent, the company has said. |
The investors include a Canadian infrastructure company and the Kuwaiti government investment fund. | The investors include a Canadian infrastructure company and the Kuwaiti government investment fund. |
Severn Trent confirmed it had received an approach, but said it was "at a very early stage" and there was no certainty that an offer would be made. | Severn Trent confirmed it had received an approach, but said it was "at a very early stage" and there was no certainty that an offer would be made. |
The company's shares jumped more than 17% in the first few minutes of trading on the London Stock Exchange. | |
Severn Trent was formed following the privatisation of UK water authorities in 1989. It now supplies water to about 7.7 million people. | |
The consortium of potential bidders consists of Canada's Borealis Infrastructure, the Kuwait Investment Office, and Universities Superannuation Scheme - a UK pension fund. | |
The Kuwait Investment Office is the UK branch of the Kuwait Investment Authority, which manages funds on behalf of the Kuwaiti state. | The Kuwait Investment Office is the UK branch of the Kuwait Investment Authority, which manages funds on behalf of the Kuwaiti state. |
Severn Trent said the consortium had not made a takeover proposal yet. "There can be no certainty that an offer will be made or as to the terms of any such offer, should one be forthcoming," it said. | Severn Trent said the consortium had not made a takeover proposal yet. "There can be no certainty that an offer will be made or as to the terms of any such offer, should one be forthcoming," it said. |
A report carried by the Dow Jones-owned newspaper Financial News suggested a bid could be worth £5.3bn ($8.1bn). | A report carried by the Dow Jones-owned newspaper Financial News suggested a bid could be worth £5.3bn ($8.1bn). |