“The Government must take decisive action and nationalise Thames Water.” Creditors of Thames Water include institutional investors such as US hedge funds Elliott Management and Silverpoint Capital. The London & Valley Water proposed deal includes a pledge that investors will not take a dividend for 10 years, or until Thames Water becomes a publicly listed company. It is thought the Government under Mr Burnham could announce whether it would put Thames Water into temporary nationalisation within weeks. But reports suggest London & Valley Water would be prepared to take legal action if the supplier is nationalised and may still look to bid to buy it back.