Latest News for Week 44 (2016)

Thames Water equity stake does the rounds again

Macquarie has once again invited third-party bids for the 26.3% stake that three of its funds own in Thames Water, after failing to offload it to the group’s other shareholders under a right-of-first-offer (ROFO) process.

The Australian bank initiated the ROFO procedure after its first attempt to attract offers from the market attracted just one firm proposal at...

Is Dee Valley Water holding out for a better offer?

Dee Valley Group is understood to remain open to a higher offer than the £71.3 million takeover bid it has agreed with Ancala, despite “irrevocable” acceptances of the deal from three of the water-only company’s institutional shareholders.

The commitments that AXA, Aviva, and Chelverton Asset Management – which together own just under 40%...

Abengoa’s creditors approve restructuring plan

Creditors and bondholders have approved Abengoa’s second restructuring and refinancing plan by “comfortably more than the required 75%, according to a provisional count,” the firm announced on Tuesday.

Under the terms of the approved plan, a successor company will be created via the issuance of almost 17.9 billion new shares to the hedge funds and...

Hyflux secures premium in Galaxy NewSpring sale

Singaporean project developer Hyflux has agreed to an offer of US$136.5 million for its 50% interest in Galaxy NewSpring, a portfolio of 24 municipal and industrial water and wastewater treatment plants in China.

The buyer, Hong Kong-listed project developer Yunnan Water, recently agreed to pay Mitsui US$100 million for the remaining 50%.

Yunnan Water will lend a...

LA lobbies for removal of state water funding cap

In an effort to facilitate the build-out of large-scale water reuse infrastructure, the city of Los Angeles is lobbying for the removal of a project-level cap on state funding in California.

The state’s $7.5 billion Proposition 1 bond set aside $725 million in funding for water recycling projects, although individual allocations are currently capped at 35% of...

Norwegian produced water firm sold to US giant

National Oilwell Varco (NOV) has complemented its suite of water treatment solutions for the upstream oil and gas industry by agreeing to buy Fjords Processing from Norwegian investment company Akastor for NOK1.2 billion ($150 million).

The Fjords Processing business was created out of Akastor’s 2013 acquisition of Opus Maxim, which brought with it produced water...