As a key deadline approaches in the battle for control of British water utility Severn Trent (SVTRF.PK), the investment group that offered $8.2B (£22/share, or $34.15/share) to buy the company says it will walk away unless Severn Trent enters into discussions. Under British takeover rules, the group has until tomorrow to outline an official offer or must walk away from the deal.
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