German utility RWE AG (RWE.XE) said Wednesday the sale of its stake in U.S.-based American Water generated net proceeds of $784 million.

In total, RWE has sold 37.4 million shares in American Water via a bank consortium at $21.63 per share.

The consortium also has the option of purchasing a further 3.7 million shares which is valid for 30 days. If the option is fully exercised, RWE's divestment of American Water would be complete, RWE said in a statement.

-By Frankfurt Bureau, Dow Jones Newswires; +49 69 29725 500; djnews.frankfurt@dowjones.com
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