Water firm takeover at final stage

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NORTHUMBRIAN Water should be in foreign hands by tomorrow morning.

 The firm announced earlier this year that it was the subject of a takeover bid from UK Water, a consortium led by the Hong Kong-based Cheung Kong Infrastructure Holdings (CKI), which is run by Chinese billionaire Li Ka Shing.

 The company is Durham City’s largest private-sector employer, with more than 900 workers at its Pity Me head office and almost 3,000 in total. CKI has assured staff their jobs are safe

 Now the firm has confirmed the take-over is set to clear its final legal hurdle.

 The takeover will become effective when trading in Northumbrian Water shares is formally cancelled at 8am tomorrow.