Water company rejects takeover bid

Severn Trent has rejected a takeover approach from an overseas consortium, saying the proposal "completely fails" to recognise the water company's value.

The firm, which supplies 4.2 million households and businesses across the Midlands and parts of Wales, said the approach was tabled at "only a modest premium" to its share price prior to bid interest becoming known.%VIRTUAL-SkimlinksPromo%