Hong Kong’s CKI Infrastructure has submitted a £7bn bid for a majority stake in the embattled utility Thames Water.
The Financial Times reported CKI, which is part of the wider CK Hutchison group, had made a non-binding offer for Thames earlier this month.
CKI has indicated it would inject £7bn to ease the debt-laden company’s financial woes, but its interest would rely on bondholders taking significant writedowns.
It comes after reports the private equity firm KKR had also made a £4bn swoop for Thames Water.
The UK’s biggest water supplier won High Court approval for an emergency £3bn loan from creditors earlier this week, granting it a temporary lifeline to avoid nationalisation.
CK Hutchison also holds a 75 per cent stake in Northumbrian Water, which supplies water to Northumberland, North Yorkshire and Essex.
Thames Water declined to comment. CKI have been approached for comment.
More to follow.