UK's Bellway cancels takeover proposal for Crest Nicholson

14 Aug 2024 CW Team

British homebuilder Bellway has withdrawn its $921 million takeover proposal for FTSE midcap peer Crest Nicholson without providing an explanation. Following the announcement on Tuesday, Bellway's shares rose by about 4%, while Crest's stock, which had gained 15% since the approach was revealed in June, dropped by approximately 9%.

Bellway stated that it remains confident in its robust balance sheet, operational strength, and the quality of its land bank, which it believes will support volume growth in the coming years.

In a separate statement, Crest Nicholson expressed confidence in its standalone prospects. Last month, Crest indicated it might recommend a firm offer to its shareholders after Bellway had sweetened its proposal. The most recent proposal, made in July at 273 pence per share, was Bellway's third offer in four months. The previous offer at 253 pence per share, along with the initial bid, had been rejected by Crest.

The consolidation in Britain's homebuilding sector continues as a shortage of properties drives up prices and rents, leading the new Labour government to promise eased planning restrictions and increased building. In February, Barratt, Britain's largest homebuilder, agreed to acquire Redrow in an all-stock deal, while Vistry purchased Countryside in 2022. Last week, Bellway joined larger rivals Persimmon and Taylor Wimpey in expressing optimism about the sector's outlook after the Bank of England lowered its main interest rate.

Infrastructure Urban

13 Mar 2026

Implementation Status of Jal Jeevan Mission

Since August 2019 the Government has implemented Jal Jeevan Mission to provide assured potable water through household tap connections in rural India. At the start of the mission only 32.3 million (mn) rural households, representing 16.7 per cent, were reported to have tap water connections. States and union territories have reported that 125.8 mn additional rural households have since been provided with tap connections. As a result, of about 193.6 mn rural households roughly 158.2 mn, or 81.71 per cent, are reported to have tap water supply at home.\n\nThe State, district and village level st..

Jal Jeevan Mission Reaches Eighty One Per Cent Rural Coverage

The Government reported substantial progress under the Jal Jeevan Mission, launched in August 2019 to provide tap water to every rural household. At launch only 32.3 million (mn) rural households had tap connections and states and Union territories reported provision of 125.8 mn additional households by March 2026. Consequently, out of about 193.6 mn rural households around 158.2 mn, or 81.71 per cent, are reported to have tap water at home. The Finance Minister announced extension of the mission until 2028 in the 2025-26 budget speech. The Swachh Bharat Mission Grameen, launched in October 20..

Empowering Local Governance for Sustainable Rural Water Supply

The Ministry of Jal Shakti has aligned the Jal Jeevan Mission (JJM) with the 73rd Amendment to strengthen village level planning and community ownership of water supply. Gram Panchayats, village water and sanitation committees and Pani Samitis are to plan, implement, manage and maintain piped water systems, with gram sabha processes formalising handover and oversight. Implementation support agencies including non government organisations, community based organisations and self help groups have been empanelled to train local committees and promote women participation. Under JJM, the department ..