WATER giant Severn Trent, which supplies households across the English Midlands, remained in the takeover spotlight yesterday as a consortium of suitors upped its potential bid to £5.3 billion.
The investors – comprising Canadian investment group Borealis, the Kuwait Investment Office and the Universities Superannuation Scheme – tabled the £22-a-share approach after Severn Trent rejected a deal worth £4.96bn on Monday for failing to recognise the company’s value. The approach marks the third by the consortium for Severn Trent.
Britannia ups Scottish presence
Britannia Hotels has increased its Scottish presence with the acquisition of a property in Edinburgh.
It has bought the Travelodge Edinburgh West End hotel, a 178-bedroom site on Belford Road. The hotel is the fifth of six Travelodges to be sold recently by specialist property adviser Christie on behalf of Cordial Hotels.
Cordial Hotels, which saw administrators appointed last month, comprised 15 Menzies hotels, including six hotels leased to Travelodge. Britannia Hotels acquired the Edinburgh hotel off a guide price of
Rolls-Royce wins £2bn airline deal
Rolls-Royce has won a contract to supply engines and support for Singapore Airlines’ Boeing Dreamliner jets.
The deal, which is thought to be worth around £2 billion, will see the world’s second-largest maker of aircraft engines provide Trent 1000 designs for 30 aircraft.
The airline last week agreed to spend £10bn on Airbus and Boeing aircraft. The orders come as the carrier attempts a major strategy overhaul, pushing into the budget airlines segment and expanding its regional network.
Shares in Rolls-Royce closed up 11p at 1,174p.