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The Executive Board of RWE AG, parent company to American Water, decided to pursue an initial public offering (IPO) in the U.S. for the shares of American Water as the most attractive option for RWE and the U.S.-based company, its employees and customers. This decision will return American Water to its status as a publicly traded company. RWE had previously announced on November 4, 2005 its intention to divest American Water either through an IPO or by selling American Water to a group of financial investors.
The IPO will result in a publicly traded company that is focused on water and wastewater in the U.S. and dedicated to maintaining high levels of service and quality.
The sales process is expected to be initiated shortly through filings for approval with certain state public utility commissions. The IPO will require filing of a registration statement with the U.S. Securities and Exchange Commission. The transaction will also be subject to the approval of the RWE AG Supervisory Board. The target is to complete the transaction during 2007.
The foregoing communication does not constitute an offer to sell any securities and is not a solicitation of an offer to buy any securities. Such an offer or solicitation will only be made by means of a prospectus.