German utility RWE AG (RWE.XE) Friday said it has booked net proceeds of around $200 million before deducting bank fees from the secondary placement of shares in U.S.-based American Water Works Co (AWK).

Essen-based RWE said in a written statement the sale of 11.5 million of its shares in American Water reduces its stake in the company to around 49% from about 60% before.

Having sold more than 50% in American Water, RWE now is able to fully deconsolidate the U.S. water utility from its balance sheet, which will result in a reduction of net debt by around EUR4.5 billion, RWE said.

Company Web site: www.rwe.com

-By Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503; jan.hromadko@dowjones.com