Foreigners from friendly countries owning some of our water companies does not bother me. SBA loans (subsidized, no doubt) and ownership by people from unfriendly or suspect countries (e.g., China) does.
Don’t subsidize loans to foreigners with my tax dollars, and don’t lend to the Black Melanine Riders of the PRC! Woooo-hooooo!
What is stopping Germany or Spain from selling their shares to a suspect country though?