Thames Water Asks Castle Water, KKR for Detailed Equity Bids
- Covalis bid is less favoured by company, people familiar say
- Thames is running a process to find new equity quickly
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Castle Water Ltd. and KKR & Co. have been invited to provide more detail on their bids as the process for owning the debt-laden utility Thames Water progresses, according to people familiar with the matter.
The US alternative asset manager and water firm Castle have been asked to submit revised bids this week, the people said. Both have previously put forward non-binding offers to inject around £4 billion ($5.1 billion) into Thames Water to help turn around the utility, Bloomberg News has reported.