Rebuffing takeover bid costs Severn Trent £19m

 
Suzie Neuwirth

FTSE 100-listed water company Severn Trent today announced that it has incurred £19m in advisory and legal costs after rejecting a takeover bid from a consortium of investors.

LongRiver partners – comprising the Kuwait Investment Office, Borealis and the Universities Superannuation Scheme – abandoned its approach last month after the utility firm rebuffed multiple offers and allowed a bid deadline to expire.

Severn Trent had rejected a final bid of £5.2bn, claiming it was not fair value.

The British firm also said in today’s update that trading is in line with expectations.