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Water company Severn Trent receives £5bn bid approach Water company Severn Trent receives £5bn bid approach
(4 months later)
Severn Trent has confirmed it has received a bid approach that could value the water company at up to £5bn.Severn Trent has confirmed it has received a bid approach that could value the water company at up to £5bn.
The news drove shares in Severn Trent, which supplies water and sewerage services to 4.2m businesses and households in the UK, 18% higher in early trade to £21.60. The potential takeover comes from a consortium of the state of Kuwait's investment arm, a Canadian infrastructure investor and one of the UK's largest pension funds.The news drove shares in Severn Trent, which supplies water and sewerage services to 4.2m businesses and households in the UK, 18% higher in early trade to £21.60. The potential takeover comes from a consortium of the state of Kuwait's investment arm, a Canadian infrastructure investor and one of the UK's largest pension funds.
Severn Trent said the approach was at a very early stage, no proposal had been made and there was no certainty of an offer from the group, comprising the Kuwait Investment Office (KIO), Borealis Infrastructure Management and the Universities Superannuation Scheme. The consortium faces a put-up-or-shut-up deadline of 11 June.Severn Trent said the approach was at a very early stage, no proposal had been made and there was no certainty of an offer from the group, comprising the Kuwait Investment Office (KIO), Borealis Infrastructure Management and the Universities Superannuation Scheme. The consortium faces a put-up-or-shut-up deadline of 11 June.
KIO is the London branch of the Kuwait Investment Authority, which manages the state's vast oil revenues.KIO is the London branch of the Kuwait Investment Authority, which manages the state's vast oil revenues.
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