VOORHEES, N. J., March 1, 2001 — American Water Works Company, Inc., (NYSE:AWK) today announced that it and SJW Corp. (AMEX:SJW) mutually agreed to terminate the merger agreement between them effective immediately.
American Water Works previously announced its intention to terminate that agreement when it expired on April 28, 2001 in light of the additional delays outlined in a procedural scheduling order issued by the California Public Utilities Commission (CPUC) on February 20, 2001. "Today's action by both companies to terminate that agreement now is, given the circumstances we confront, in the best interests of all concerned," noted Mr. J. James Barr, the president and chief executive officer of American Water Works.
"All of us who have worked so hard to accomplish the merger are very disappointed," Mr. Barr said. "But the continued uncertainty surrounding the regulatory proceeding in this matter left us no alternative."
American Water Works Company is the largest and most geographically diverse investor-owned water service provider in the nation. Its subsidiaries serve a population of approximately 10 million customers in 23 states.
