RWE looks to UK shop for Thames Water bid

RWE, the German multi-utility, has turned to Financial Dynamics to oversee all PR for its pounds 4.3 billion cash takeover bid for Thames Water - Britain's biggest supplier.

RWE, the German multi-utility, has turned to Financial Dynamics to oversee all PR for its pounds 4.3 billion cash takeover bid for Thames Water - Britain's biggest supplier.

The German group, which has created the world's third largest water company as a result of the deal, hired the City financial PR specialist to advise the company's board on PR surrounding the transaction.

Financial Dynamics partner Charles Watson said: 'The remit is not just a presentation to the investment community, but a wide ranging audience, from employees to local audiences and investors - it's a very intensive transaction, including a great deal of media relations work.'

A team of six will work on the account, led by director Andrew Dowler, reporting straight to the RWE board, headed by chief executive Dietmar Kuhnt.

The agency, which has been appointed on a project basis, will also work closely with Merrill Lynch, the investment bank hired by RWE to advise on the deal.

RWE is offering pounds 12.15 a share for Thames Water, which supplies 12 million customers in the London area and a similar number abroad.

Thames and RWE will merge their water businesses, but the British company will retain its brand name.

The total cost of the deal, including Thames' debt, will reach pounds 6.8 billion.

Financial Dynamics has handled PR for a number of recent cross-border deals, including Vodafone and its bid for Mannesman.



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