NORTHUMBRIAN Water is set to disappear from the stock exchange in October on completion of a takeover by a Chinese consortium.

The company announced that it plans to suspend its shares on October 12 and proposes to officially de-list on October 14 when the £2.4bn takeover by Hong Kong-based UK Water goes ahead.

The Durham-based business announced the takeover timetable yesterday, which is subject to approval at both a court meeting in London on September 19 and then must be rubber-stamped by a special resolution at a general meeting of shareholders.

UK Water is made up of a consortium of Hong Kong companies – Cheung Kong Infrastructure Holdings Limited (CKI), Cheung Kong (Holdings) Limited and Li Ka Shing Foundation Limited – which was specially set up to buy out Northumbrian. It is owned by Hong Kong tycoon and Asia’s richest man Li Ka-shing.

CKI had been chasing Northumbrian, which also owns Essex & Suffolk Water, for a number of months. It got the nod at the start of August from Northumbrian’s board and needs approval from 75% of the utility’s shareholders.

The Hong Kong-based business specialises in running infrastructure companies worldwide, which are considered safe and steady investments.

In the region, it already owns gas distributor Northern Gas Networks and is also in charge of UK Power Networks in London, Eastern England and South East England and Seabank Power in Bristol.

CKI also owned Cambridge Water, but sold the company to HSBC to avoid any competition issues that would inevitably crop up from the Northumbrian deal.

Industry analysts are confident that there will be little change at Northumbrian’s Pity Me headquarters once the takeover is complete.