Severn Trent plc (LSE:SVT) has got and rejected an £5.3 billion approach from a joint venture consisting of Kuwait Investment Office, Borealis Capital Corporation, Universities Superannuation Scheme Limited. Severn Trent, said, "This approach is at a very early stage, no proposal has been made and there can be no certainty that an offer will be made or as to the terms of any such offer, should one be forthcoming." Severn Trent considered it to be too low. Severn Trent added, "The board of Severn Trent has reviewed the proposal with its advisors and concluded that it completely fails to recognise the existing and potential value of Severn Trent." The consortium is believed to be willing to offer up to £23 a share, valuing the water group at £5.3 billion. If a bid was made at £23 a share. UnderTakeover Panel rules the consortium has time until on June 11, 2013 to make a firm offer. Seven Trent shares fell 15% to 2,097.23 pence.

The Board of Severn Trent plc announced that the Chief Executive Officer Tony Wray, has reported the Board of his intention to retire from Severn Trent in Spring 2014. Tony will have been with Severn Trent for 9 years, 7 of which as Chief Executive Officer.

Severn Trent plc provided group capital expenditure and tax rate guidance for the fiscal 2013. For the year, the company expected net capital expenditure will be towards the low end of the £555 million to £565 million. The expected effective current tax rate for the group for 2012-2013 remains at 24% to 26%.