RWE/Thames Water Water music to investors’ ears

Has Harry Roels at last given up trying to unite RWE’s sprawling energy and water businesses into an all singing, all dancing «multi utility»? The German utility’s chief executive is reportedly weighing up a possible flotation of its UK and US water businesses. This would mark welcome change of tack for RWE. It pulls back from the flawed vision of Roels’ predecessor, Dietmar Kuhnt, who wanted to eek out synergies by integrating utility operations that were like chalk and cheese. This shift would...