Thames Water - comment

We would like to see the list of conditions attached to the equity bids that have come in. After Castle Water’s 4bn rescue plan, the Covalis / Suez/ Kraken bid this week looks more chiselled and closer to the “option” it should be priced as. Suez would serve as the operating partner, focusing on enhancing operational efficiency. New is that Octopus Energy would concentrate on improving customer relations and billing systems. Under all solutions, the UK government is expected to retain a "golden share," granting it a seat on the board and additional rights to safeguard essential services. That Covalis have been backstopping part of the B-Proposal probably takes a backseat in this bid.