Coventry-based water company Severn Trent, has rejected a preliminary takeover offer from several international investors, including Borealis infrastructure and the Kuwait Investment Office, saying the offer undervalued the business.
"The board of Severn Trent has reviewed the proposal with its advisers and concluded that it completely fails to recognise the existing and potential value of Severn Trent," the company said.
On Tuesday, the water company announced it had received a takeover approach. Financial News magazine reported that it could be around £5billion.
Severn Trent response to Institute of Civil Engineers
“We do not agree with the idea that universal metering will solve drought issues. Whilst metering is a good way for our customers to only pay for the water they use, it’s more important for us to help our customers understand why it is important to use water wisely.
“Customers in our region are very water conscious, with the lowest consumption per head in the UK. Our year-round message remains the same – continue to use water wisely as part of your everyday life. You will also save money on your water and energy bills.”
8/10 drains are blocked, says drain cleaner for Severn Trent
by ITV Central News
Peter Hearne, drain cleaner for Severn Trent.
"I'll have a bet with you. You pick 10, I bet you 8 of them are blocked".
"And what was the cause of this blockage?"
"Baby wipes, sanitary products, fat. Fat and grease mainly. People are using these sanitary wipes, cleansing wipes, make up wipes, all throwing it down. That's what it is. The drains just aren't made for it."