CHOPPY MARKETS
- From: Vol 8, Issue 11 (November 2007)
- Category: Need to know
- Region: Unspecified
- Country: United Kingdom and United States
- Related Companies: American Water, Basin Water, Consolidated Water, Energy Recovery Inc, Goldman Sachs, Hyflux, IDE Technologies, Merrill Lynch and RWE
* RWE took fright from the choppy conditions in the US market and pulled its proposed initial public offering of American Water.
Chief Executive Jürgen Großmann said that he had been advised that the water utility would fetch 15% - 20% less than RWE had been expecting for the business. One suspects that the bankers handling the flotation must have promised RWE a very high price when they took on the job. It is difficult to argue that the market for ...
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