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By Jim T. Ryan
Germany-based utility company RWE AG is selling its
remaining 37 million shares in American Water Works Company Inc., the parent of
Dauphin County-based Pennsylvania American Water Co.
The sale, worth about $809 million, will complete RWE's
divestiture of American Water, said Terry Maenza, a spokesman for the water
company.
RWE purchased American Water in 2003; in 2005 it announced
intentions to sell its shares in the company. Previous stock offerings took
RWE's ownership stake down to 24 percent, Maenza said.
Each share was worth $21.63 as of yesterday, according to
the company. The company's share price was trading around that same price today.
Bank of America Merrill Lynch, Credit Suisse Securities (USA) and Morgan
Stanley & Company Inc. are acting as sale managers.
American Water, based in New Jersey,
is one of the largest investor-owned water and waste-water companies in the U.S. with
15 million customers in 32 states and one Canadian province.
American Water's Derry Township-based subsidiary serves more
than 647,000 water and wastewater customers in Pennsylvania. That includes 35,000 customers
in Cumberland County.
American Water's stocks are traded on the New York Stock
Exchange under the ticker symbol AWK.
