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Article: City: Troubled waters The industry is still in shock after Ian Lang's decision to block two bids for South West Water, writes Neil Bennett
- Article from:
- The Sunday Telegraph London
- Article date:
- October 27, 1996
- Author:
CopyrightCopyright 1996 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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Ian Lang is in danger of earning himself the nickname "Dr No".
So far this year the President of the Board of Trade has blocked
bids worth more than pounds 10bn in the water and electricity
industries. Merchant bankers and expansion-minded business leaders
are running scared. When there's a deal in the air, watch out -
Lang will do his level best to scupper it.
Lang's latest red light was lit last Friday, when he blocked
Severn Trent and Wessex Water from launching a pounds 1bn bid
battle for their rival, South West Water. The City was stunned;
almost everyone had been expecting Lang to give the deal the nod
but demand stringent price cuts from both the bidder and the bid
target.
In ...