American Water Works Receives Regulatory Approval In Three More States for Acquisition by RWE
American Water Works Company, Inc. announced that approvals were received from state regulatory agencies in Illinois, New Jersey and New York for the Company's acquisition by RWE AG.
Requests for regulatory approval are still pending in Arizona, California and West Virginia.
The Public Service Commission in West Virginia approved the transaction on October 23, 2002, and that approval is expected to become effective upon the resolution of certain pending procedural issues.
The Company also reported that on November 15, 2002 the Administrative Law Judge (ALJ) that conducted the investigation of the request in California issued a recommendation that the California Public Utility Commission approve the transaction with conditions. The ALJ's decision was received one month earlier than anticipated by the original calendar established by the Commission.
As a result of these recent developments, the Company now anticipates the acquisition by RWE AG may occur during the first quarter of 2003.