* RWE to own about 30 pct stake after stock sale
* Shares fall as much as 7 pct
Aug 11 (Reuters) - American Water Works Co said an RWE unit was cutting its stake in the company through a secondary offering of 30 million shares, sending the U.S. water supplier's shares down as much as 7 percent in trading after the bell.
After the offering, assuming no exercise of the underwriters' option, RWE is expected to own about 30 percent of American Water's shares.
RWE, Germany's second-largest utility, has cut its stake in American Water for the third time in as many months.
In June, RWE cut its stake in American Water to 49 percent from 60 percent by selling 11.5 million shares for about $200 million.
Later that month, RWE said its stake would drop to 47 percent as investors had agreed to buy an additional 3.9 million shares.
Shares of the company were down $1.26 at $18.96 in trading after the bell. They closed at $20.22 Tuesday on the New York Stock Exchange.
(Reporting by Adveith Nair in Bangalore; Editing by Anne Pallivathuckal) Keywords: AMERICANWATER/ (adveith.nair@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 4135 5800; Reuters Messaging: adveith.nair.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Shares fall as much as 7 pct
Aug 11 (Reuters) - American Water Works Co said an RWE unit was cutting its stake in the company through a secondary offering of 30 million shares, sending the U.S. water supplier's shares down as much as 7 percent in trading after the bell.
After the offering, assuming no exercise of the underwriters' option, RWE is expected to own about 30 percent of American Water's shares.
RWE, Germany's second-largest utility, has cut its stake in American Water for the third time in as many months.
In June, RWE cut its stake in American Water to 49 percent from 60 percent by selling 11.5 million shares for about $200 million.
Later that month, RWE said its stake would drop to 47 percent as investors had agreed to buy an additional 3.9 million shares.
Shares of the company were down $1.26 at $18.96 in trading after the bell. They closed at $20.22 Tuesday on the New York Stock Exchange.
(Reporting by Adveith Nair in Bangalore; Editing by Anne Pallivathuckal) Keywords: AMERICANWATER/ (adveith.nair@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 4135 5800; Reuters Messaging: adveith.nair.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.