Key events
Thames Water had “great interest” from potential equity investors, chief executive Chris Weston told reporters, after the company the renewal will be extinguished in the treasury.
Introduction: Thames water could run out of money by March without cutting £3bn; Ashtead move whatever gender is US
Hello, and welcome to our ongoing coverage of business, financial markets, and the world economy.
Another update on the battle Thames Water: The UK’s biggest water company has warned this morning that it will run out of cash by the end of March without much of an air crisis.
He said all this money would be “exhausted” if he could not get the judge’s approval for the £3bn life fund. This would mean that it could be national or at least temporarily.
There are two critical court days, December 17 and January 20, to approve the money that some creditors have already agreed to lend. This will give Thames Water enough money to go on until next October.
Its cash renewal comes at a critical time for the utility, which is struggling under a £19bn summer bill and serves 16 million customers across London and the Thames Valley.
Christopher Westonsaid the captain at the Thames water;
Today’s news marks further progress to put Thames Water on a more stable financial footing as we seek long-term financial resilience.
Investors have expressed interest in taking a new stake in the business. However, they are still trying to figure out what they would get from the investment company, the UK government, and water regulator Ofwat if they provided billions of pounds of new equity funds.
one whose it is Coval Capitala UK infrastructure investor, with a French water design contractor Suez. It provided an upfront cash injection of £1bn, with a further £4bn to be raised from paying off and selling shares of Thames before reviewing its remaining operations.
FTSE 100-listed Ashtead Group, a £28bn media company, has said it will move its New York listing from London, in the latest blow to the UK stock market.
The company, which trades under the name Sunbelt Rentals, was founded in England in 1947, and has been part of the London Stock Exchange since 1986.
It has embarked on a series of US acquisitions since the early 2000s, and claims that the US is its “natural” home, saying:
Ashtead’s substantially US business, reporting in US dollars, with almost all of the operating group’s profits (98% in 2024) derived from North America, which is also the core growth market for the business.
The group’s executive management team and operational headquarters are based in the US and the vast majority of the group’s employees reside in North America.
The company is seeking approval from shareholders for the move to a US primary listing at the general meeting, and expects the move to take place over the next 12-18 months. It also warned of lower annual profits due to weak construction trades in the US.
The planned departure follows similar moves earlier this year Paddy Power and owner of Betclic Flying Entertainment.
Agenda
-
9.30am GMT: Bloomberg Women, Money, Power conference
-
9:45am GMT: UK finance committee hearing: FCA CEO Nikhil Rathi and chair Ashley Adler to discuss regulator work
-
10am GMT: Italian industrial production for October