Thames Water - comment

That KKR’s terms are acceptable to the Class A is somewhat beyond doubt, since there would be no point in going through the motions if they haven’t had at least lunch with Elliott and Silverpoint, Pimco and Apollo. We are more concerned about the Bs in between. Their negotiating power should be running thin by this time next year. KKR's transaction is aimed at closing in H225, so we expect nuisance value to still cover most of the price at which they trade right now.