FT News Briefing
Manufacturing on the ballot in Germany
Feb 20, 2025
A private equity firm has made a bold move with a £4bn bid for Thames Water, while HSBC is cutting costs dramatically to revitalize its growth strategy. Meanwhile, in Germany, half a million manufacturing jobs have vanished since 2020, raising alarms about industrial decline as federal elections approach. The sector grapples with rising energy costs and fierce competition from China's EV market, pushing political discussions around economic relief and voter concerns about job security to the forefront.
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Quick takeaways
- KKR's bid for Thames Water underscores strong investor interest in essential services amidst financial challenges, reflecting strategic market dynamics.
- HSBC's significant restructuring plan aims to cut costs while risking job losses and talent retention, indicating challenges in maintaining competitiveness.
Deep dives
KKR's Bid for Thames Water
A major private equity firm, KKR, has made a preliminary bid of £4 billion for a majority stake in Thames Water, the UK's largest water utility, which is currently grappling with significant debt. This bid stands out as KKR does not intend to break up the company, unlike other interested bidders. The bidding process is closely monitored, with a decision on credible offers expected by the end of the month. This strategic acquisition highlights the ongoing investor interest in infrastructure assets, especially those providing essential services amid financial difficulties.
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