EU clears takeover of Thames Water

The European Commission has approved German power giant RWE AG's acquisition of Thames Water PLC, clearing the way for the creation of the world’s largest water company.

RWE AG has announced plans to complete its $6.3 billion purchase of Thames later this year (see related story), after the British company has completed its $948 million buyout of E’Town Corporation, a water utility holding company in New Jersey, according to AFX News UK.

Power, Finance & Risk reported on 30 October that analysts expect RWE AG to finance 20% to 40% of the purchase through a European or British market bond offering next year.

Thames is the United Kingdom’s largest water supplier with 12 million customers in London and the Thames Valley, and 23 million worldwide.

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