Good morning from the Financial Times.
Today is Thursday, February 20th, and this is your FT news briefing.
A major private equity firm made a splash with its bid for Thames Water
and HSBC is taking an axe to its spending.
Plus, Germany's battered manufacturing sector takes center stage in this weekend's election.
The industry is in crisis and a lot of people are starting to get worried.
I'm Mark Filippino and here's the news you need to start your day.
KKR submitted a preliminary bid for a majority stake in Thames Water.
We learned yesterday that the private equity Firm is offering £4 billion in equity.
Thames Water is the UK's largest water utility and is in a ton of debt.
KKR isn't planning to break up Thames Water.
That's really different from some of the other groups that are interested in the utility.
The company overseeing the bidding process is expected to select the most credible offers
by the end of the month.
HSBC released its full year earnings report yesterday and a lot is on the chopping block.
It wants to cut one and a half billion dollars.
CEO Georges El Hettery announced a sweeping reorganization in October designed to lower costs.
El Hettery announced a bit more detail on the planned restructuring on Wednesday.
Here to talk about it with me is the FT's Kay Wiggins.
Hi, Kay.