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Thames Water receives ‘disastrous vulture auction’ buyout bid
A tanker from Thames Water
EMBATTLED Thames Water has received a “disastrous vulture auction” buyout bid from investment group Covalis Capital that could see the utility giant broken up into smaller businesses.
Covalis’s bid involves bringing in French company Suez to help it run Thames Water as it sells off large chunks of the supplier’s assets.
The offer involves £1 billion up front, plus another £4 billion from planned asset sales and refinancing.
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