RWE CFO Repeats Co Still Aims To Fully Divest American Water

German utility RWE AG (RWE.XE) still intends to fully divest all its shares in its U.S. water unit American Water Works Co (AWK), Chief Financial Officer Rolf Pohlig said Thursday.

"We're planning to reduce our stake to below 50% as swiftly as possible in a first step," Pohlig told reporters during the company's annual earnings press conference.

The ultimate goal of RWE is to sell all of its shares in American Water, he added.

Originally, the company had planned to reduce its stake to below 50% before the end of 2008, but the deterioration of stock markets due to the financial crisis shot down RWE's plans.

RWE sold a 39.5% stake in American Water in an initial public offering on the New York Stock Exchange in early 2007. The divestment plans for American Water are part of RWE's efforts to refocus the company as a pure power and gas player.

It still owns around 60% in American Water, Pohlig said.

Company Web site: www.rwe.com

-By Jan Hromadko, Dow Jones Newswires; [phone]; [e-mail]