RWE disposes of more shares in American Water(PresseBox) ( Essen, )
- Shareholding reduced to 26.5%
- Proceeds of approximately $650 million
RWE today announced that it has further reduced its shareholding in U.S. water utility American Water.
Following the initial public offering of the U.S. company in April 2008 and the divestment of 15.4 million additional shares in June 2009, RWE divested another 35 million shares at $19.25 per share on Thursday through a group of underwriters. The offering size was increased by 5 million shares compared to the start of the offering on Tuesday due to strong market demand.
In addition, RWE has granted the underwriters a 30-day "greenshoe option" to purchase up to 5.25 million additional shares.
This will lead to net proceeds of around $650 million (€460 m) for RWE, bringing the company's shareholding in American Water down from 46.6% to 26.5% (both excluding the exercise of the "greenshoe option").