GIANT OVERHANGS
- From: Vol 9, Issue 5 (May 2008)
- Category: Need to know
- Region: Unspecified
- Country:
- Related Companies: (RWE) Rhein Ruhr Partners , Aguas de Barcelona, Aguas de Valencia, American Water, Bio-Treat Technology, Saur and Suez
* This year\'s biggest water initial public offering, American Water, reached the market on 23 April, with a slightly damp offer price of USD21.50 (see story p21).
RWE has been caught in an interesting bind. The business is worth less than the German company wanted, so two things have happened. Firstly, RWE has decided not to sell all the shares at once, and secondly, American Water has had to take a USD750 million impairment charge on its profit and loss account to reflect the shortfall. The two ...
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