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...A group of Thames Water bondholders has demanded an emergency meeting with the troubled utility’s management, seeking clarity on the situation at the UK’s biggest water supplier after its parent company...
...He added that the scandals put “not only TIC’s management and board, but also [Toyota Motor’s] management and board, on notice that Toyota Group is no longer exempt from following guidelines designed to...
...Danone, which owns bottled water brands Evian and Volvic, is one of the consumer groups that has explored the use of plastic credits to pay for the recovery of tens of thousands of tonnes of plastic in Indonesia...
...US hedge fund Elliott Management has been buying the bonds of troubled British utility company Thames Water, in a bet that markets have grown too pessimistic over the size of losses that investors may have...
...Eugenie Shen, Hong Kong-based managing director and head of the asset management group at the Asia Securities Industry and Financial Markets Association, explained that the change to a T+1 settlement cycle...
...Why Elliott is stuck in AC Milan’s legal mess When Elliott Management sold AC Milan for a record-breaking €1.2bn in 2022 to private equity group RedBird Capital Partners, it was seen as a coup....
...London-listed Anglo has been woven into the fabric of the South African economy since Ernest Oppenheimer founded the company in 1917 in Johannesburg....
...It is struggling with higher interest rates on its £18bn group debt and its parent company said earlier this month that it was in default....
...The group still owns a wine estate, Vergelegen, in the hills of the Western Cape outside Cape Town....
...Although these terms are designed to reassure bondholders, they could straitjacket Thames Water’s management, preventing a turnaround at the creaking utility....
...richard.waters@ft.com...
...Macquarie Asset Management said: “We manage debt investments on behalf of long-term institutional investors in a range of infrastructure companies, providing long-term financing for essential infrastructure...
...At the end of 2022, a group of large pension plans, including funds from Canada, Japan and the UK, discovered that they had lost a large part of the £5bn investment in Thames Water that they had recorded...
...Hunt said on Wednesday he would not tell a private company how to structure its balance sheet, adding that it would be “completely wrong” if customers at Britain’s biggest water group had to pick up the...
...Other developments, too, gave water investment new salience in 2023. In May, technology group Xylem completed a $7.5bn acquisition of Pittsburgh-based water treatment company Evoqua....
...Contagion risks include greater regulatory scrutiny for other firms, debt becoming more expensive and short sellers zoning in on the shares of publicly traded water groups....
...While Thames Water’s management has long insisted that Kemble’s travails should not have an impact on the regulated utility, the water company’s bonds also traded down....
...a group of foreign investors of “blackmailing” regulators over the future of the country’s biggest water utility....
...Industry groups contend there is no need to change the current system....
...By 2006, when the Australian asset management firm Macquarie bought Thames Water from the Germany utility group RWE, the water company had £3.4bn in debt....
...It “provides a significantly better data point around management’s commitment to deliver cost savings over the next few years”, Erickson added....
...But a year after the deal, Meg Whitman, HP’s chief executive, accused Autonomy’s former management of falsifying its accounts, leading to a $5bn write-off....
...Thames Water’s management has long insisted Kemble’s travails should not have an impact on the regulated utility, which they say has £2.4bn of cash and access to other overdrafts that will allow it to continue...
...Cracks show in Thames Water’s financial plumbing The supposedly bulletproof capital structure used to finance Thames Water isn’t looking so solid.The finances backing the UK’s largest water utility and...
...The fund will seek commercial returns, without concessional financing, said Tomasz Telma, global head of the IFC’s financial institutions group....
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