SCOTTISHPOWER is still in the race to take control of Southern Water, the privatised utility which is at the centre of a takeover battle, it emerged yesterday.
The Glasgow based company, which made a hostile £1.56 billion sterling bid for the water company on Tuesday, it was "considering its next move" in the wake of a £1.6 billion takeover offer from Southern Electric.
The Southern Electric bid, which has already received the support of the board of Southern Water, raised the prospect of a bidding war for the water company. The City was expecting ScottishPower to trump the Southern Electric offer, which is worth 1003p a share compared to the market price of about 980p, by as much as 30p a share.
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