"Northumbrian Water gained 16 to 355¾p amid vague takeover speculation. Dealers pointed to a note from UBS earlier this week which said that Northumbrian was "a high probability take-out candidate within the UK water space" following bids for Kelda and Southern Water towards the end of 2007. The Ontario Teacher Pension Plan owns 26pc of the company and although it could block any deal, UBS thinks it more likely that it would work with any potential bidding consortium."
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/01/18/cxmktrep118.xml