Billionaire Trump donor in line to make millions from Thames Water bid
Summary
A group of hedge funds led by Elliott Investment Management is trying to take over Thames Water, the UK’s largest water company, which has a large debt and needs a rescue deal. Paul Singer, founder of Elliott and a large donor to President Trump, and his son Gordon are involved in the deal, which has raised concerns because of the company’s request for relaxed rules and potential profits from customer bills.Key Facts
- Thames Water has a £17.6 billion debt and is seeking a government-backed rescue deal.
- Elliott Investment Management, led by Paul Singer, is part of a group trying to restructure and take over Thames Water.
- Paul Singer donated $5 million to President Trump’s Super PAC and supports other Republican campaigns.
- Singer’s son, Gordon, runs Elliott’s London office and is closely involved in the Thames Water deal.
- The hedge fund group wants Thames Water to avoid fines for up to four years and ease environmental rules.
- The deal includes a £3 billion loan to Thames with a high interest rate, to be paid from customer bills.
- Critics worry the deal could let Thames Water pollute more and prioritize profits over public good.
- The Labour Party, led by Andy Burnham, may oppose the deal and wants to bring water services back into public control.
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