Finance History|11 Wall Street — Fifty-Eight Million Shares Left RWE as AWK
· 2008-4
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Finance History|11 Wall Street — Fifty-Eight Million Shares Left RWE as AWK
kevin
People treat American Water Works as a New Jersey utility that always printed AWK on a New York tape.
The 2008 book was a German parent selling a slice of a U.S. water company it had taken private.
RWE Aqua Holdings GmbH priced 58 million common shares at 21.50 U.S. dollars on 22 April 2008.
All of the shares came from the selling stockholder.
Net proceeds went to RWE, not to the operating company.
The original plan had been 64 million shares in a 24 to 26 U.S. dollar range.
That range was later cut to 22 to 23 before the deal printed below it.
Gross proceeds were about 1.25 billion U.S. dollars in 2008 currency.
Shares began trading on the New York Stock Exchange on 23 April 2008 under the letters AWK.
The first regular session closed at 20.60 U.S. dollars, 90 cents under the offer.
After the sale, and assuming no overallotment, RWE still held about 64 percent.
American Water had been a listed company before the 2003 RWE acquisition.
This pin is the return to a specialist book after the take-private, not the nineteenth-century founding of the waterworks.
The mechanism was a secondary offering that listed the subsidiary so the parent could exit.
Photo: New York Stock Exchange Broad Street facade from the listing-collection cover.
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