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Survitec, survival technology group belonging to Warburg Pincus, believes lead continuing to acquire Cosalt Navy m ￡ 25 to 35 million pounds, but could still facing competition from rival bidders.

Cosalt offshore business is currently mired in controversy, after the Group unveiled last week a deficit of stock of 4 million pounds in the division a review in what she claimed were "suspicious transactions" with a fournisseur.Cosalt subsequently asked to KPMG, its auditor an investigation and said that he intended to "against those who are involved with the material in question".

The conclusions of the review was disclosed to six weeks after suspended Cosalt Calum Melville, a Scottish entrepreneur well known as Director of the offshore division.

It remains uncertain whether the disclosure of the investigation had no effect on the sale of potential which Cosalt gave code alpha project name.

Cosalt Marine hardware client services including canoes rescue and survival suits, made of the revenues of ￡ 30. 7 m and profits before one-time items of ￡ 1.3 m within six months of mai.La society stated at the time that the company had put in a "performance resilient given the market environment."

The Group has made revenues of ￡ 48.3 m and a loss before tax of ￡ 1.5 m for the six month period.

Warburg Pincus has acquired Survitec in January of this year to expand enterprise hardware marine services acquisitions.Cosalt of the Survitec, but private equity-backed group wants to take the Qallunaat control on this side of its activities that one source called a "cradle to grave" strategy.

Cosalt shares dropped from 0.12 to 3.63 p.Cosalt and Warburg Pincus has refused to comment.

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