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| Thames Water to be sold for £8bn | Thames Water to be sold for £8bn |
| (10 minutes later) | |
| Australian investment fund Macquarie has won an auction to buy UK utility Thames Water. | Australian investment fund Macquarie has won an auction to buy UK utility Thames Water. |
| Macquarie tabled an £8bn ($14.9bn) bid for Thames - owned by Germany's RWE - which represents a 20% premium on the group's value. | Macquarie tabled an £8bn ($14.9bn) bid for Thames - owned by Germany's RWE - which represents a 20% premium on the group's value. |
| The bid is thought to have beaten one from Qatar's Investment Authority. | The bid is thought to have beaten one from Qatar's Investment Authority. |
| Macquarie has been on the acquisition trail recently and has been linked to bids for airports operator BAA and the London Stock Exchange. | Macquarie has been on the acquisition trail recently and has been linked to bids for airports operator BAA and the London Stock Exchange. |
| Earlier this year, Macquarie successfully bought out the London bus operations of Stagecoach in a £263.6m deal. | Earlier this year, Macquarie successfully bought out the London bus operations of Stagecoach in a £263.6m deal. |
| Backing awaited | Backing awaited |
| RWE's supervisory board must now give its backing to the bid and its executives are expected to meet to discuss the offer over the weekend. | |
| Once the deal is approved, Macquarie said it would deliver further information about the "transaction and its ambitions and plans for this important business". | Once the deal is approved, Macquarie said it would deliver further information about the "transaction and its ambitions and plans for this important business". |
| Thames Water supplies water to eight million people across London and the south of England and provides sewage services to 13 million customers. | Thames Water supplies water to eight million people across London and the south of England and provides sewage services to 13 million customers. |
| But the group has drawn widespread criticism in recent months - particularly after it announced a 31% rise in pre-tax profits to £346.5m in June. | But the group has drawn widespread criticism in recent months - particularly after it announced a 31% rise in pre-tax profits to £346.5m in June. |
| The water firm has been rapped for missing its water leakage targets for the third time in a row, while consumers were angered by its decision to implement a hosepipe ban during the long, hot summer. | The water firm has been rapped for missing its water leakage targets for the third time in a row, while consumers were angered by its decision to implement a hosepipe ban during the long, hot summer. |
| RWE, which also has interests in gas, electricity and recycling, bought Thames Water for £4.8bn in 2000. | RWE, which also has interests in gas, electricity and recycling, bought Thames Water for £4.8bn in 2000. |