Kelda £3bn takeover target

YORKSHIRE Water owner Kelda Group has received a £3bn
takeover approach from a consortium of infrastructure investment
firms.

The approach, announced yesterday afternoon, sent shares in
Kelda almost 15% higher but they fell back to close 13% up.

Kelda said the consortium comprised Citigroup Alternative
Investments, GIC Special Investments, Infracapital Partners and
HSBC ( and indicated it would offer 1,100.65p per Kelda share,
comprising cash and the right to retain any proposed interim
dividend in respect of the period to Sept 30.

Kelda, which has its head office in Bradford, said there was no
certainty an offer will be made.

Kelda shares, which opened the day at 939.5p were up 13% at
1,059p.