Severn Trent confirms takeover approach from foreign consortium
Severn Trent has confirmed press speculation that it has received a bid approach from a consortium of investors which is rumoured to value the UK utility company around 5.3bn pounds.
Severn Trent has confirmed press speculation that it has received a bid approach from a consortium of investors which is rumoured to value the UK utility company around 5.3bn pounds.
In a statement released on Tuesday morning, Severn Trent said it had received an approach with a view to making a proposal from Canadian infrastructure investor Borealis, the Kuwait Investment Office and Universities Superannuation Scheme Limited.
"This approach is at a very early stage, no proposal has been made and there can be no certainty that an offer will be made or as to the terms of any such offer, should one be forthcoming," the company said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
According to the Financial News magazine, sources said that a potential offer could come between 2,250p and 2,300p a share.
The news comes just a month after the firm revealed that Chief Executive Officer Tony Wray is to step down next year after seven years on the job.
-
Should you invest in UK equities?
The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
By Katie Williams Published
-
State pension errors: DWP urged to check for mistakes among divorced people
Former pensions minister Steve Webb says there are a high number of divorced women on low state pensions. Now MPs want the DWP to check if there were any errors in “potentially underpaying men and women who are divorced”.
By Ruth Emery Published