3i raises stakes in Electra battle

VENTURE CAPITAL group 3i yesterday stepped up the battle for control of Electra with a warning that it would drop its pounds 1.25bn bid if shareholders back Electra's wind-up proposals next week.

In its final salvo sent to Electra shareholders last night, 3i claims Electra's plan to buy back up to 40 per cent of its shares and wind up the trust would cost up to pounds 136m. 3i said it would make no sense to continue its bid in those circumstances. Electra disputes the figures, saying all but pounds 16m costs is already included in their numbers.