SCOTTISHPOWER moved a step closer to its ambition of becoming Britain's first super utility after Southern Electric threw in the towel in the takeover battle for Southern Water.
Southern Electric admitted defeat after the Glasgow based power company raised its hostile takeover bid for Southern a Water by £110 million to £1.677 billion, trumping its rival by more than £600 million.
Southern's £1.6 billion bid, which had trumped ScottishPower's initial offer of £1.56 billion, had won the backing of the directors of the Worthing based water company.
If ScottishPower's bid succeeds, it would be involved in generating, supplying and distributing electricity, as well as gas, telephone, water and sewerage services.
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