Thames Water - comment

As per the FT this morning, we are now counting four equity bids for Thames Water: KKR, CK Infrastructure (Hutchinson), Covalis (B-Holder and fronting Suez / Kraken) and Castle Water. We are, however, still not clear on how these bids are to be based on the subsequent recapitalisation of the company since they seem to compete with the A-AHG’s own plans. The latter may yet want to put its own straw man forward.