WestLB has upped the pressure on AWG, the UK water company, and its financial adviser, Citigroup, by saying it would consider adding another £60m (€87m) to the sum it was prepared to pay for AWG.

The German bank and Bream Investments, a bidding vehicle set up by former accountants and industry executives, have proposed a cash offer of 520p to 545p a share to the AWG board. That is up on their earlier suggestion of 510p a share, which valued the target at about £900m.