Business Services Industry
Iran-based First Islamic Investment Bank buys English water firm.
Knight Ridder/Tribune Business News, October, 2004
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 28--Water firm South Staffordshire is set to be owned by some of the Middle East's wealthiest men after agreeing to a 142.6 million pound takeover by Bahrain-based First Islamic Investment Bank.
FIIB's bid vehicle Aqua-Invest has offered 1120 pence per South Staffordshire share -- a 27 percent premium to the price before bid talks were revealed.
The bank hopes to sell on the firm to rich clients including oil and construction businessmen and Middle Eastern investment institutions.
South Staffs' finance director Adrian Page said the deal will have no impact on the group's 1.5 million water customers in the Midlands. "It is business as usual," he said....
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