WestLB threatens to get hostile with AWG

Westdeutsche Landesbank is threatening to mount a hostile takeover attempt of AWG if directors refuse to discuss its £900m offer. WestLB is working with Bream Investments, formed by Gordon Morrison, brother of Sir Fraser Morrison. WestLB is thought to be considering offloading some assets to clear any regulatory hurdles. Gordon Morrison is expected to become part of the new senior management team if the bid is successful. WestLB said Sir Fraser was not connected with the bid in any way. The water utility bought Morrison Construction in September 2000. WestLB’s approach was made four days before AWG said it would start legal proceedings against Sir Fraser. It accused him and Stephen McBrierty, finance director, of misleading AWG over the sale of Morrison. References: Financial Times 11/02/03 page 22 (Lex), page 23, page 46 (London Stocks), The Guardian 11/02/03 page 23, The Times 11/02/03 page 22 (Need to know), page 23, page 24 (Tempus), page 25 (City Diary), The