North West set to raise Norweb bid

North West set to raise Norweb bid

North West Water is this week expected to increase the bidding to win control of Norweb, the regional electricity company. Sources said that North West's board, headed by Sir Desmond Pitcher, would meet early this week to vote on raising its current cash and paper terms worth pounds 11.12 per Norweb share.

Some analysts said North West might have to pitch a fresh offer at around pounds 12 a share to win both the recommendation of Norweb's board and to defeat the rival pounds 10.85 cash bid on the table from Texas Energy Partners.

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