Thames Water investors offer ‘golden share’ in bid to head off nationalisation

Move would give government veto over big decisions and hostile takeovers, after Burnham’s call for greater public control Nils Pratley: Burnham has forced greater clarity at Thames Water. Now he must choose The group of investors pursuing a rescue bid for Thames Water have offered the government a “golden share” in a last-ditch attempt to persuade Andy Burnham not to nationalise Britain’s biggest water company. London & Valley Water (L&VW), a consortium of 100 institutional investors that hold £17bn of the company’s £21bn debt, said it recognised the new prime minister wanted greater public control and to strengthen the accountability of the water company. The creditors said on Tuesday they were working on a revised rescue package for Thames, including the “golden share”, which would give the government a veto over important decisions and hostile takeovers. “L&VW agrees that there is an opportunity to enhance the way local government, regulators and Thames Water work together, granting greater public controls on critical business issues to improve delivery of complex, essential infrastructure projects, and demonstrate shared accountability,” the company said. â€