The current literature on remunicipalisation is focused either on theoretical concepts (e.g. right to the city, commons, return of the political) or on the “insurgent” actors involved in this process, overlooking the counter-politicisation of the economic agents and the resulting struggles for power and legitimation. This paper examines, by means of an interpretative qualitative methodology and by critically engaging with Ernesto Laclau’s approach to populism, the complexities of the ongoing dialectic of populist and anti-populist antagonism between socio-political actors and private companies, with a focus on the discourse on remunicipalisation of water in Barcelona.