GERMAN MULTI-UTILITY RWE is viewed as the most
likely bidder. But other groups, including Frances Suez Lyonnaise des Eaux, could
also be interested, analysts said.
| But the size of its British client base of 12 million
customers in and around London, its ability to squeeze more profit from wastewater and
other services and its expansion into the U.S. and Latin America have made the company
Thames Waters largest shareholders include Franklin Resources Inc. with 9 percent; Capital Group Companies Inc. with 6 percent; and Standard Life Group with 3 percent.