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RWE's Planned American Water Share Sale Is `on Track' By Thom Rose and Andreas Scholz Jan. 23 (Bloomberg) -- RWE AG, Germany's second-largest power company, is ``on track'' with a planned sale of its American Water unit, Chief Executive Officer Juergen Grossmann said. ``There's enough liquidity in the world,'' Grossmann said today in a Bloomberg Television interview in Davos, Switzerland. Grossmann said that ``2007 was a year that at least met our expectations'' and reiterated plans for a share buyback once American Water has been sold. RWE said in November that it would miss an earlier goal of selling American Water shares in 2007 because of an ``unfavorable'' market environment. At the time, the company scrapped plans to buy back stock and pay a higher dividend and set a new target to complete the sale by the end of 2008. Grossmann said he expects market ``stabilization'' after the Federal Reserve lowered its benchmark interest rate by 0.75 percentage point to 3.5 percent yesterday. RWE now plans to sell American Water shares at the end of April or in September or October, he said. RWE fell 1.06 euros, or 1.3 percent, to 81.22 euros as of 10:10 a.m. in Frankfurt. The stock has lost 15 percent so far this year, cutting the company's market value to 45.4 billion euros ($66.4 billion).
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