RWE Net Proceeds Of Around $200 Million In American Water Placement
05 June 2009 - 5:14PM
Dow Jones News
German utility RWE AG (RWE.XE) Friday said it has booked net
proceeds of around $200 million before deducting bank fees from the
secondary placement of shares in U.S.-based American Water Works Co
(AWK).
Essen-based RWE said in a written statement the sale of 11.5
million of its shares in American Water reduces its stake in the
company to around 49% from about 60% before.
Having sold more than 50% in American Water, RWE now is able to
fully deconsolidate the U.S. water utility from its balance sheet,
which will result in a reduction of net debt by around EUR4.5
billion, RWE said.
Company Web site: www.rwe.com
-By Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503;
jan.hromadko@dowjones.com