Citigroup's infrastructure investment unit is attempting its first acquisition since being set up six months ago, as part of a consortium that has made a £3bn (€4.2bn) takeover approach for UK water utility Kelda Group.

Kelda yesterday afternoon revealed in a statement to the stock market it has been approached by a group including Citigroup Infrastructure Investors, part of the US bank's alternative investments division that was combined with its markets and banking unit under Vikram Pandit last month.