Wednesday, November 18, 2009
RWE Sells Stock In American Water For $784 Million
By Polya Lesova
MarketWatch Pulse
FRANKFURT -- German utility RWE AG said Wednesday it will sell 37.4 million shares in U.S. water utility American Water for about $784 million. The sale will bring RWE's shareholding down to 2.1% from 23.5%. RWE will sell the shares at $21.63 per share through a group of underwriters. RWE has also granted the underwriters an over-allotment option to purchase up to 3.7 million additional shares. The option can be exercised within 30 days. If that option is exercised in full, RWE's shareholding in American Water will be completely divested. RWE acquired American Water in 2003 and announced its intention to fully divest of the company in 2005. Based in Voorhees, N.J., American Water is the largest investor-owned U.S. water and wastewater utility company.
Copyright © 2009 MarketWatch, Inc.
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