UPDATE: RWE CFO: Still Plan To Fully Divest American Water
April 22 2009 - 9:11AM
Dow Jones News
German utility RWE AG (RWE.XE) still wants to fully divest its
U.S. water unit American Water Works Co. (AWK), Chief Financial
Officer Rolf Pohlig told shareholders at the company's annual
general meeting in Essen Wednesday.
Pohlig didn't say when a complete divestment of American Water
will likely be concluded. He did, however, say that RWE in 2009
plans to sell as many shares as necessary that will allow the
deconsolidation of the business.
Originally, the company had planned to reduce its stake to below
50% before the end of 2008, but the deterioration of stock markets
due to the financial crisis shot down RWE's plans.
RWE sold a 39.5% stake in American Water in an initial public
offering on the New York Stock Exchange in early 2007.
It still owns around 60% in American Water.
Company Web site: www.rwe.com
-By Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503;
jan.hromadko@dowjones.com