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German utility group RWE AG's attempts to buy American Water Works have foundered after bid talks broke down last week, the Financial Times reported on Tuesday.
The paper said RWE was hopeful that negotiations over the largest regulated water business in the U.S. would be resumed.
But it quoted analysts as saying the deal faced regulatory hurdles and was unlikely to be approved by AWW shareholders without a premium to the 2.5 billion pounds ($3.61 billion) thought to be on offer.
The analysts said AWW was under no pressure to sell itself, given its leading share of the U.S. market and its robust recent share price performance, the FT said.
They also said regulatory hurdles might delay completion of a takeover for 18 months.
RWE has said it wants to expand in its core activities electricity, gas, water and waste management in Europe and North America.