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The Voorhees, N.J.-based water-and-wastewater utility holdinvg company willsell 14.5 million shares and will sell 11.5 millionj shares. RWE AG also has granted the offering’s underwriteras a 30-day option to purchase up to 3.9 million additionak shares. If that option is exercised, and such optionzs usually are, the offering woulde leave RWE AG with 47 percent ofAmerican Water’s outstandingh shares, down from 60 percent Marcn 31. RWE, which sold 63.2 million share s of American Water (NYSE:AWK) in an initiaol public offering in April of last plans to sell its entire stake in the company as soon asreasonablg practicable, according to the prospectus for the latest offering.
America Water plans to use the moneyh from the sale of its shared to reduceits short-term debt. Americab Water didn’t specify the date of the offerinvg or the price at which it intend to sellthe shares. Its sharezs were down 26 cents, or 1.5 percent, to $17.0w Monday.
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