Thames Water investors offer ‘golden share’ in bid to head off nationalisation

Move would give government veto over big decisions and hostile takeovers, after Burnham's call for greater public control

• Business live - latest updates

The group of investors pursuing a rescue bid for Thames Water have offered the government a golden share" in a last-ditch attempt to convince Andy Burnham not to nationalise Britain's biggest water company.

London & Valley Water (L&VW), a consortium of 100 institutional investors that hold 17bn of the company's 21bn debt, said it recognised the new prime minister wanted greater public control and to strengthen the accountability of the water company.