A consortium of creditors seeking to rescue Britain’s largest water supplier has proposed a high-profile figure to lead the company if its £10 billion takeover is approved, signaling efforts to reassure regulators and the government. Former Labour minister Lord John Hutton has been named as the independent chair designate for Thames Water’s board, a move aimed at bolstering confidence in the proposed deal. The announcement comes as the creditor group, London & Valley Water, pushes forward with plans to restructure the struggling utility. The government’s stance remains a critical factor in determining whether the takeover will proceed.
Stricken UK water supplier lines up John Hutton as independent chair designate if takeover goes aheadThe group of Thames Water creditors pursuing a £10bn rescue deal for Britain’s largest water supplier has lined up a former senior Labour minister to chair the company, as it tries to win over the government.The creditor consortium, called London & Valley Water, said on Tuesday that Lord John Hutton had been selected as independent chair designate of the Thames Water board, if the consortium’s takeover of the utility goes ahead. Continue reading...
