The international consortium bidding for Severn Trent could walk away from the deal following a number of rejections by the utility group over recent weeks, The Times says, citing sources close to the matter. “If the Severn Trent board does not engage, no further proposals will be made,” sources told the paper.

The Financial Times says that Japan has revised up its estimate of first-quarter economic growth to an annualised rate of 4.1%, higher than the initial 3.5% forecast. The data gives “Prime Minister Shinzo Abe a boost as he seeks to strengthen his grip on power in next month’s upper house elections,” the paper says.

BAE Systems is expected to announce that Centrica Chairman Sir Roger Carr will replace Dick Olver as Chairman of the defence group as it looks to move on from its failed £30bn merger bid with European peer EADS, The Guardian writes.

Burberry’s chief executive officer (CEO) Angela Ahrendts received a total pay package of £16.9m last year, making her the highest paid CEO on the FTSE 350, The Guardian reports, citing research from Manifest and MM&K. Her pay was nearly £5.0m more than the next highest paid CEO.

The Telegraph says: “Shareholders in Hibu, the former Yellow Pages business, are attempting to drum up support to avoid being frozen out of a rescue deal that would leave them without any return on their worthless investment and could lead to job cuts among the 13,000 strong international work force.”

Hobbs, the UK women’s fashion retailer, has revealed plans to launch its international expansion after reporting an 11% increase in full-year sales to £125.1m, writes The Scotsman. The paper says that the chain is looking to expand into Australia, Germany and the US.

“Oil services company Petrofac spent $1.5m (£1.0m) on its boss’s private jet and a further $189,000 on “client entertainment” provided by one of its own executives’ businesses last year,” writes The Independent.