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☆ UK's Thames Water's troubles mount as credit rating cut to junk
▼ + stars: | 2024-07-24 | by ( ) www.cnbc.com time to read: +1 min

Britain's largest water provider Thames Water suffered a blow in its battle to avoid renationalisation on Wednesday as credit rating firm Moody's downgraded its corporate family rating (CFR) and its safest tranche of debt to junk. Moody's downgraded Thames Water's CFR to Ba2 - two rungs into 'junk' rating territory - from Baa3, which is an investment grade and something water firms are supposed to maintain as part of their licence requirements. It safest tranche of debt known as senior secured "Class A" bonds were cut to Ba1, which is one notch into junk, while its riskier "Class B" bonds were dumped five notches lower at B3. Moody's said the downgrade followed this month's provisional ruling from British regulator Ofwat that Thames would not be allowed to raise prices as much as it had requested, and because of its "weakening liquidity position". "Almost certainly it will mean special administration for the company," Seaport credit analyst Satish Pulle said, adding that the downgrade had not come as a surprise.

Persons: Moody's, Satish Pulle Organizations: Thames, CFR, Seaport Locations: Ba2, Baa3, Thames

☆ Britain's largest water utility placed under special measures as it grapples with $19.7 billion debt pile
▼ + stars: | 2024-07-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Engineers from a Thames Water leak hunting team unloads equipment from their van during a night shift in London, UK, on Wednesday, May 2, 2023. The chief executive of Britain's biggest water supplier stepped down with immediate effect on Tuesday. Regulator Ofwat said Thames Water would come under heightened scrutiny and must re-evaluate its plans to improve operational performance, delivery and financial resilience. Ofwat approved £16.9 billion ($21.8 billion) in spending for the company to invest in improving services for customers and the environment — a sum below the £19.8 billion that Thames Water had requested. In spring this year, shareholders rejected its bid for a £500 million equity injection, while its parent company Kemble defaulted.

Persons: Ofwat, Kemble Organizations: Engineers, LONDON, Thames Water, Home Counties Locations: London, England, Thames, Home

☆ 'Alarmingly high': E.coli levels discovered in River Thames ahead of famous regatta
▼ + stars: | 2024-06-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Spectators watch a race on the River Thames at the Henley Royal Regatta in Henley-on-Thames, west of London, on June 30, 2023. LONDON — Harmful E.coli bacteria has been discovered at "alarmingly high" levels in the U.K.'s River Thames just days before elite rowers are due to compete there for the international Henley Regatta, anti-pollution campaigners have warned. River Action also found E.coli levels up to 10 times higher in March tests. James Wallace, CEO of River Action, accused the government and Thames Water, which manages water supply in the area, of failing to appropriately manage water hygiene levels. Thames Water did not immediately respond to CNBC's request for comment, though the BBC reported that it had dubbed the findings "alarmist" and said it was monitoring bacteria levels.

Persons: James Wallace, Sir Steve Redgrave, UKHSA Organizations: Henley Royal Regatta, Henley Regatta, River Action, Henley, —, Thames Water, BBC, CNBC, Henley Royal, Olympic, UK Health Security Agency Locations: Henley, Thames, London, Oxfordshire

☆ Thames Water: Britain’s biggest water company left in the lurch by shareholders
▼ + stars: | 2024-03-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Investors are refusing to inject billions in new money into Britain’s biggest water company, leaving the beleaguered business at risk of an emergency government takeover. “After more than a year of negotiations with the regulator, Ofwat has not been prepared to provide the necessary regulatory support for a business plan which ultimately addresses the issues that Thames Water faces,” the shareholders said. In its turnaround plan published in October, Thames Water, which is saddled with £14 billion ($17.7 million) in debt, proposed to jack up the average annual customer bill by 40% by 2030. The first £500 million ($630 million) of that sum was due by Sunday, March 31. “Based on the feedback provided by Ofwat to Thames Water to date, the regulatory arrangements that would be expected to apply to Thames Water… make the (turnaround plan) uninvestible,” the utility said in a statement Thursday.

Persons: Ofwat, Chris Weston, “, Jeremy Hunt, Weston, ”, Olesya Dmitracova Organizations: London CNN — Investors, Ofwat, Thames, Water, Reuters, Government, BBC Locations: Thames, London, England, China, Abu Dhabi, British, Wales

☆ Oxford-Cambridge boat race rowers warned to avoid water after E. coli find
▼ + stars: | 2024-03-28 | by ( Billy Stockwell | ) edition.cnn.com time to read: +4 min

To meet the UK Environment Agency’s inland bathing water quality standards, E. coli levels should be below 1,000 CFU per 100ml. “It would be terrific if the Boat Race drew attention to it. It also adds that rowers should refer themselves to a healthcare professional if they accidentally swallow river water. The guidance has been issued to both universities in briefing packs ahead of this weekend’s race, River Action said. The Oxford boat sinks after only half a mile, during the annual University boat race against Cambridge on March 24, 1951.

Persons: Sean Bowden, ”, James Wallace, coli, ” Feargal Sharkey, “, Sienna Somers Organizations: London CNN, Cambridge, CFU, Environment, Oxford, Thursday’s Telegraph, British Rowing, Rivers Trust, University, Keystone, Hulton, UK Environment Agency, Thames Water, BBC Locations: Oxford, London, United Kingdom, Hammersmith, England, floodwater, Thames

Signage is seen for British utility company Thames Water at a repair site in London, Britain, June 28, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Dec 5 (Reuters) - Thames Water, Britain's biggest water utility, is proceeding with a three-year turnaround plan, it said on Tuesday, adding it had a high level of liquidity and the support of investors, as it seeks to ease concern over its financial stability. Thames Water's environment record has also come under scrutiny. "Our shareholders support this much needed investment, underscoring their commitment to delivering Thames' turnaround." Robert Goodwill, chairman of Britain's environment, food and rural affairs committee, said that he may need to ask Thames Water bosses further questions.

Persons: Toby Melville, Cathryn Ross, Alastair Cochran, Robert Goodwill, Sarah Young, Kate Holton, Barbara Lewis Organizations: Thames, REUTERS, Media, Thames Water, Ontario, China Investment Corp, Thomson Locations: London, Britain, Thames

☆ British water companies face $1 bln lawsuits over pollution - law firm
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Environmental and water consultant Carolyn Roberts, who plans to bring the claims, says water companies would have faced penalties if they had properly reported pollution incidents. The firm said it will also be filing cases against five other companies – Thames Water, United Utilities, Anglian Water, Yorkshire Water and Northumbrian Water – in the coming months. Water companies have pushed back against the proposed claims, describing them as "highly speculative". A Thames Water spokesperson said the company was aware of the potential claim, which they said was without merit. Water companies have avoided being penalised by regulator Ofwat for "serial and serious under-reporting" of pollution incidents, she said in a statement.

Persons: Trent, Darren Staples, Carolyn Roberts, Roberts, Leigh Day, Severn, Sam Tobin, Bernadette Baum Organizations: REUTERS, Severn Trent, United Utilities, Yorkshire Water, Environment Agency, Water, Thomson Locations: Cropston, England, British, United, Water, Yorkshire, United States

☆ Factbox: Corporate debt woes are on the rise
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

Size of debt: 14 billion pounds ($18.33 billion). The firm said earlier in July shareholders would provide 750 million pounds, but warned it would need an extra 2.5 billion pounds between 2025-2030. Size of debt: 6.4 billion euros ($7.19 billion) in net debt. What's at stake: Casino faces 3 billion euros of debt repayments in the next two years, with rating agencies Moody's and Standard & Poor's warning a default is likely. Deadlines to watch: Casino aims to secure an agreement with creditors by July 27.

Persons: Toby Melville, What's, Jean, Charles Naouri, Casino, Daniel Kretinsky, Kretinsky, Chiara Elisei, Dhara, Christina Fincher Organizations: Thames, REUTERS, Water, Casino, SBB, Thomson Locations: London, Britain, LONDON, Sweden, France, England, Czech, Brookfield, Spain, Barcelona

LONDON, July 18 (Reuters) - The spectre of rising corporate debt defaults exacerbating a global economic slowdown has for months been largely brushed aside by resilient credit markets. Now, long-feared corporate debt woes are starting to hit home, while more companies are being downgraded to a junk credit rating - facing higher borrowing costs as a result. Retailer Casino, with 6.4 billion euros ($7.19 billion) of net debt, is in court-backed talks with creditors; Britain's Thames Water is in the headlines with its 14 billion pound ($18.32 billion) debt pile. For FACTBOX: Corporate debt woes are on the rise, click here. Nonetheless, not all firms may be able to survive the challenges of vast debt, higher interest and business costs and declining profits.

Persons: Julius Baer's, Markus Allenspach, Guy Miller, Miller, it's, Aymen Mahmoud, McDermott Will, Emery, Elena Lieskovska, Chiara Elisei, Dhara, Christina Fincher Organizations: SBB, P Global, U.S, Reuters, ICE, Zurich Insurance, ABN AMRO, European Central Bank, London Finance, Bain Capital, Thomson Locations: Swedish, Spain, Europe

☆ Thames Water’s leaky financials are far from fixed: podcast
▼ + stars: | 2023-07-13 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, July 13 (Reuters Breakingviews) - The privately owned UK water company managed to cobble together a rescue from existing shareholders. But in this Viewsroom podcast, Breakingviews columnists discuss why the fresh funds may not be enough, and the threat of nationalisation hangs over the sector as a whole. Listen to the podcastFollow @aimeedonnellan on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Oliver Taslic Organizations: Reuters, Twitter, Thomson

☆ Thames rescue looks far from watertight
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 10 (Reuters Breakingviews) - Thames Water is stepping back from the brink, a little bit. Shareholders, led by Canada’s Ontario Municipal Employees Retirement System, have now agreed to pony up 750 million pounds. They’ve also acknowledged even more will be allowed over the next regulatory review period between 2025 and 2030. Bonds issued by Thames’ holding company, Kemble, rose as much as 10 percentage points following the news. That depressed price suggests there’s a long way to go before Thames is on dry land.

Persons: They’ve, Bonds, Kemble, Neil Unmack, George Hay, Oliver Taslic Organizations: Reuters, Canada’s, Thames, Twitter, Thomson Locations: Canada’s Ontario, Thames, China

LONDON, July 10 (Reuters) - Thames Water has become the poster child for a British water industry under fire for its poor environmental record and financial mismanagement. After a period as a listed company, Thames Water was acquired by German utility RWE (RWEG.DE) in 2001. Thames Water said on Monday they would provide 750 million pounds, and added it had strong liquidity of 4.4 billion pounds. FINANCESNearly 60% of Thames Water's debt is index-linked, according to ratings agency Standard & Poor's, saddling it with higher repayments as inflation soars. Thames Water was fined 3.3 million pounds last week, while Southern Water was fined 90 million pounds in 2021.

Persons: Margaret Thatcher's, Australia's Macquarie, Abu, Hermes, Ofwat, Sarah Young, Chiara Elisei, Emelia Sithole Organizations: Margaret Thatcher's Conservative, Water, Thames, Ontario, BT, China Investment Corp, Thames Water, Macquarie, Yorkshire Water, Severn Trent, United Utilities, The Times, Environment Agency, Southern Water, Thomson Locations: Britain, Here's, Abu Dhabi, Thames, Southern Water, United, England

Thames Water, weighed down by 14 billion pounds of debt and under pressure over its environmental record, had told shareholders it needed 1 billion pounds to help fund its turnaround. British ministers have been monitoring Thames Water amid fears it could need a government rescue if shareholders refused to invest more. "Shareholders have also acknowledged that delivery of the turnaround plan is likely to require the provision of further equity support," Thames Water said. The 750 million pound investment is subject to Thames Water improving the business plan underpinning its turnaround, it said. Core earnings (EBITDA) fell 3% to 1.1 billion on revenue which grew 4% to 2.3 billion pounds.

Persons: Ian Marchant, Sarah Young, Kate Holton Organizations: Water, Thames, China Investment Corp, Thomson Locations: Ontario

☆ Thames Water secures $962 million from investors but says it will need more
▼ + stars: | 2023-07-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Investors in Thames Water have agreed to put an extra £750 million ($962 million) of equity funding into the troubled utility to hold off a temporary takeover by the government. The utility anticipates that an additional £2.5 billion ($3.2 billion) of equity funding will be needed in the five years to 2030. “The additional investment announced today is the largest equity support package ever seen in the UK water sector and underscores our shareholders’ commitment to delivering Thames’ turnaround,” the company’s chairman, Ian Marchant, said in a statement. Thames Water, which provides water and wastewater services to 15 million people in London and the southeast of England, has been at the center of a wider crisis in the sector. Heavily indebted UK water companies are under growing financial pressure as interest rates soar and they must also invest billions of pounds to upgrade aging infrastructure and tackle sewage spills and leakage.

Persons: Ian Marchant Organizations: London CNN — Locations: Thames, London, England

☆ Thames Water: Why Britain's water industry is struggling with sewage spills, huge leaks and crushing debts
▼ + stars: | 2023-07-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

The UK water sector is “clearly in a state of multiple crises,” said Dieter Helm, a professor of economic policy at the University of Oxford. Thames Water in troubleThe industry’s long-running problems have been thrust into the spotlight by a looming cash crunch at Thames Water, which serves 15 million people in London and the southeast of England. An aerial view of a Thames Water sewage treatment works in west London. A screen displays real-time notifications of sewage leaks into waterways in the region controlled by Thames Water in January 2023. Will Thames Water be nationalized?

Persons: ”, Dieter Helm, “, ” Helm, Ofwat, Abu Dhabi, David Black, Ben Stansall, Iain Coucher, they’ve, ” Black, Margaret Thatcher’s, David Hall, Leon Neal, ” Hall, Sarah Bentley “, Maureen McLean, Helm Organizations: London CNN —, University of Oxford, CNN, Thames, Getty, Yorkshire Water, Margaret Thatcher’s Conservative, Public Services International Research Unit, University of Greenwich, Thames Water, Ontario, BBC Locations: England, Wales, London, China, Abu, AFP, Yorkshire, Windsor, UK

LONDON, July 7 (Reuters) - As Thames Water's financial troubles raise questions about such investments, Britain will next week try to persuade pension schemes to plough billions of pounds into infrastructure and start-ups in its next leg of post-Brexit reforms. British Finance Minister Jeremy Hunt will on Monday set out the government's latest thinking on getting cash locked up in pension pots to work in the economy. The Conservative government's long-trailed policy focuses on persuading pension schemes to invest a portion of their money in infrastructure, start-ups and 'green' technology. But the problems at Thames Water, which is battling for survival under 14 billion pounds ($18 billion) of debt, would leave some pension schemes that had made large investments in it embarrassed, said independent pensions consultant John Ralfe. The finance ministry had no immediate comment on Hunt's speech, but the pensions industry has already said it opposes mandatory investment quotas.

Persons: Jeremy Hunt, Hunt, John Ralfe, Ralfe, Nobody, Huw Jones, Alexander Smith Organizations: Thames, British, Conservative, Amsterdam, London, EU, Thomson Locations: Britain, London's, New York, London

☆ Markets Ignore the Looming Debt Peril
▼ + stars: | 2023-07-05 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

An aerial view of a facility of the U.K.’s heavily indebted Thames Water, whose bonds trade at bankruptcy levels. Photo: ben stansall/Agence France-Presse/Getty ImagesThis was supposed to be the year that higher interest rates started to bite, taking down dodgy borrowers who had loaded up on too much debt. Some are now in trouble. But investors don’t expect problems to spread far. I think they are making a mistake, especially if rates march higher.

Persons: ben Organizations: Agence France

☆ UK’s leaky water model faces a growing storm
▼ + stars: | 2023-07-05 | by ( Neil Unmack | ) www.reuters.com time to read: +8 min

The fallout raises two big questions: whether the regulatory regime works, and whether Britain’s water companies should still be privately owned. Average UK water bills are 448 pounds in the current year, versus 409 pounds in Scotland. One option would be to squeeze water companies – cutting allowed prices, and imposing bigger penalties on those that allow leaks. For the sector as a whole, Ofwat assumes equity comprises 45% of water companies’ 94 billion pound RCV, or 42 billion pounds. Reuters Graphics Reuters GraphicsFollow @Unmack1 on TwitterCONTEXT NEWSThames Water investors have become more “concerned” about the company’s turnaround, the chief executive of UK water regulator Ofwat David Black told a UK parliament committee on July 4.

Persons: Macquarie’s, Severn, Ofwat, Jefferies, David Black, Iain Coucher, “, Black, George Hay, Oliver Taslic Organizations: Reuters, Conservative, Thames, Ofwat, Reuters Graphics Regulators, Yorkshire Water, United Utilities, Scottish, Dwr Cymru, Barclays, Reuters Graphics Reuters, Thames Water, Water, Sky News, Thomson Locations: Severn Trent, RCV, Water, Wales, Scotland, Germany, United States, Italy, Ireland, Britain

☆ US threat gives ASML new headache on China exports
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, June 30 (Reuters Breakingviews) - ASML (ASML.AS) now has to look to Washington, not its home government in The Hague, to determine which of its top-class chip-making machines it can still sell to Chinese companies. The Dutch government on Friday moved to restrict sales by the $294 billion semiconductor giant of EUV and certain types of its DUV lithography machines. That gives Biden reach over not only Dutch firms but also suppliers like Germany’s Trumpf and Zeiss, which make lasers and lenses respectively. ASML said Friday's Dutch announcement won’t have a material impact on its bottom line. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Joe Biden, Biden, ASML, Rebecca Christie, ’, crouch, George Hay, Pranav Kiran Organizations: Reuters, China’s, HK, Zeiss, Union, Twitter, Thomson Locations: BRUSSELS, Washington, The Hague, U.S, Netherlands, Japan, Brussels

☆ Meituan's insider AI deal does not compute
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

Meituan describes Light Year as a leading AI innovator in China. Its backers include Meituan CEO Wang Xin and Sequoia Capital China's HongShan fund, which is controlled by a Meituan non-executive director. Meituan is paying out roughly $234 million in cash and covering some $50 million-worth of Light Year's convertible bonds. Interestingly, Meituan's total outlay is roughly equal to the target's net cash position. For investors, understanding this AI deal is no small challenge.

Persons: Wang Huiwen, Meituan, Wang Xin, Robyn Mak, ’, crouch, Eli Lilly, Antony Currie, Thomas Shum Organizations: Reuters, Meituan, Sequoia Capital, Twitter, Thomson Locations: HONG KONG, HK, China

☆ The next revolution in monetary policy is underway
▼ + stars: | 2023-06-30 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

LONDON, June 30 (Reuters Breakingviews) - Monetary policy, Milton Friedman said, acts on the economy with long and variable lags. Monetary policy regimes evolve in response to the changing nature of prevailing economic challenges – though this also takes time. The next revolution in monetary policy may be brewing. One question Gopinath did not address is how the financial system came to dominate monetary policy. When contractions hit, however, central banks eased monetary policy and governments loosened their purse strings, just as before.

Persons: Milton Friedman, Gita Gopinath, Gopinath, ’, “, Peter Thal Larsen, Pranav Kiran, Oliver Taslic Organizations: Reuters, International Monetary Fund, Bank for International, IMF, Central, SVB, Signature Bank, Credit Suisse, Fed Funds, BIS, Thomson Locations: Portuguese, Sintra, Korean, United States, Europe, Central, England, London, U.S, China, Ukraine, “

☆ Thames Water's turnaround plan backed by investor USS
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 30 (Reuters) - Universities Superannuation Scheme (USS), one of the largest investors in Thames Water, has given its support to Britain’s biggest water supplier after the abrupt departure of its CEO raised concerns about its viability. The British government is considering temporary state ownership of the company, which supplies a quarter of British households, if it cannot raise more funds to drive its turnaround. “We have given our backing to Thames Water’s turnaround plan and Net Zero roadmap and engage with them regularly to support their long-term strategy,” USS group CEO Bill Galvin said on Friday in a note to its sponsoring employers. Thames Water is struggling with 14 billion pounds ($17.8 billion) of debt and has failed to meet customer and environmental targets, including stemming the flow of raw sewage into rivers. ($1 = 0.7876 pounds)Reporting by Carolyn Cohn; Writing by James Davey; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Bill Galvin, ”, USS’s Galvin, Carolyn Cohn, James Davey, Daniel Wallis Organizations: Thames, System, China Investment Corp, Thomson Locations: Thames, Ontario

The pan-European STOXX 600 index (.STOXX) closed 0.1% higher. That made Spain the first among the euro zone's large economies to have inflation fall below 2%. This followed hawkish comments from U.S. and European central bank policymakers at a European Central Bank meet-up in Sintra on Wednesday, where the underlying theme was that rates are likely to stay higher for longer. Adding to recent hawkish messages from central banks globally, Sweden's central bank raised its policy rate by a quarter percentage point as expected and forecast at least one more rate hike this year. The stock was the top gainer on France's blue-chip index (.FCHI), which rose 0.4% and also helped the automaker sub-index (.SXAP) climb 1.3%.

Persons: Germany's DAX, year's, Claus Vistesen, Daniela Hathorn, Amruta Khandekar, Matteo Allievi, Sherry Jacob, Phillips, Rashmi Aich, Conor Humphries Organizations: Pantheon, U.S . Federal Reserve, European Central Bank, Capital.com, Renault, Belgian, Severn Trent, Thames, Semiconductor, Citigroup, Thomson Locations: Spain, Sintra, Severn, Bengaluru, Gdansk

☆ UK water meltdown resurrects bank crisis dilemmas
▼ + stars: | 2023-06-29 | by ( Neil Unmack | ) www.reuters.com time to read: +7 min

The government may take over heavily indebted Thames Water, a hapless privately held utility unable to fund capital needs that may stretch to 10 billion pounds. Under Macquarie’s (MQG.AX) ownership, which lasted from 2006 to 2016, Thames’ debt rose to over 80% of RCV. They’re issued through a vehicle called Thames Water Utilities Finance. Thames Water CEO Sarah Bentley resigned abruptly on June 27. Thames shareholders, led by Ontario Municipal Employees Retirement System, committed in 2022 to provide 1.5 billion pounds of extra funds.

Persons: Ofwat, Rishi Sunak, Gordon Brown, Kemble, They’re, Sarah Bentley, “, George Hay, Oliver Taslic Organizations: Reuters, Royal Bank of Scotland, Thames, Ontario, Thames ’, Guardian, UK, RBS, Investors, Water Utilities Finance, Yorkshire Water, SES Water, Sky News, Thames Water, Thomson Locations: –, Thames, Yorkshire, Britain’s

☆ Casino extends creditors’ losing streak
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

Casino had previously hinted that it was seeking to restructure the unsecured portion of its debt, worth around 3.6 billion euros, implying that the remaining 4 billion euros of secured debt would remain intact. That implies borrowings of less than 2.7 billion euros, based on analysts’ forecasts compiled by Refinitiv. As a result, between 1 and 1.5 billion euros of the secured debt may also be converted into equity. Casino reckons it needs at least 900 million euros of new money to finance the company’s business plan in the next few years. The winner, who will be the group’s largest shareholder, will then determine whether they can end Casino’s losing streak.

Persons: Daniel Kretinsky, Xavier Niel, Pierre Briancon, crouch, Eli Lilly, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Casino, Refinitiv, Twitter, Thomson Locations: Czech

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