Off target

4 June 2003

Now CVC may reportedly enter the fray as well with a potential offer for the British water company. AWG is putting up a strong defence. The real enemy is not West LB or CVC, but the looming regulatory price review.

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British utility AWG, the target of a takeover offer by West LB, said its fiscal 2003 loss widened as it paid for a debt restructuring and paid additional interest.

The company posted a net loss for the year up to March of £61.6m compared with £46.1m loss last year.

In April, AWG rejected a £961m takeover offer from WestLB, Germany's sixthlargest bank. The UK Takeover Panel has given Bream Investments Ltd, the venture backed by WestLB that's bidding for the water company, until June 18 to decide whether it will make a formal bid.

According to the Times, CVC Capital Partners may also now be mulling a bid for the firm.

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