- Disposal of remaining 2.1% stake
- Focus on record investment programme in European energy business
RWE AG today announced that it has taken the final step to fully divest its stake in the US water and wastewater company American Water Works Company, Inc. The underwriters of the public offering of American Water common stock exercised in full their option ("greenshoe") to purchase up to 3.7 million additional shares. The greenshoe was granted to the underwriters as part of the most recent offering, which brought RWE's shareholding in American Water down to 2.1%.
Dr. Juergen Grossmann, CEO of RWE AG, said: ”RWE has closed the chapter on American Water. We’re now able to focus even more intensively on our record investment programme in the European energy business. On behalf of the RWE Executive Board, I'd like to wish all the employees at American Water all the best for the future.”
RWE divested approximately 37.4 million shares in American Water at a price of $21.63 per share in November 2009. This lead to net proceeds of approximately $784 million (approximately €527 million) for RWE. The exercise of the greenshoe at $21.63 per share will now add approximately $78 million (approximately €52.1 million) to this sum.