The GMB Union is continuing with its efforts to seek water sector re-nationalisation with the publication of a study showing that more than 70% of English water firms are owned by foreign companies.
According to the study, which has been published as part of the GMB’s Take Back the Tap Campaign, almost three quarters of England’s water industry is currently owned by overseas investors.
At least 71% of shares in England’s nine privatised water companies are owned by organisations from overseas including the "super-rich, banks, hedge funds, foreign governments and businesses based in tax havens", the GMB says.
The publication of the study was timed to coincide with the Conservative Party conference – the Union has reiterated its call on Environment Secretary Michael Gove to put water back in public hands.
Details of overseas owners of England’s privatised water companies set out in the study include:
- Malaysian company YTL Corporation Berhad which owns all of Wessex Water
- Cheung Kong Group, a multinational registered in the Cayman Islands run by family of Li Ka Shing (Hong Kong’s richest person). They own 80% of Northumbrian Water.
- U.S. hedge funds Blackrock, Lazard and Vanguard each own a stake in Severn Trent, United Utilities and South West Water
- Germany’s Deutsche Asset Management and US private equity company Corsair Capital own half of Yorkshire Water between them
- 40% of Southern Water is owned by US investment company JP Morgan Asset Management
- A third of Thames Water is owned by investment fund companies from the United Arab Emirates, Kuwait, China and Australia
- Australia’s Colonial First State Global Asset Management owns a stake in Anglian Water, Severn Trent, United Utilities and South West Water
Tim Roache, GMB General Secretary, said the Union is “campaigning to Take Back the Tap and return England’s water to its rightful owners – the public."
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