Thames Water lenders offer 'golden share' to head off nationalisation

Thames Water lenders offer'golden share' to head off nationalisation Image caption, Thames Water's lenders want to let local authorities have more involvement Thames Water's main lenders are offering the government a golden share and more control for local authorities in a bid to stop the troubled supplier from being nationalised. The government recently rejected a previous rescue proposal, and the BBC understands the lenders are preparing a legal challenge in case the new Andy Burnham-led government takes the firm into public hands. In his first speech as prime minister on Monday, Burnham said he wanted to see greater public control of life's essentials. The new proposal offers local authorities greater involvement in the firm, similar to the relationship between United Utilities and Greater Manchester agreed when Burnham was the city's mayor. The London & Valley Water (L&VW) consortium of lenders had already proposed a £10bn deal to prevent Thames Water from entering administration.