German co. will sell more shares of Ky. American

The German utility conglomerate that owns the parent company of Kentucky American Water says it plans to decrease its interest to minority status by year's end — markets permitting.

In documents filed with the Kentucky Public Service Commission, RWE AG says it has sold 39.5 percent of American Water. The stock for the company now is traded on the New York Stock Exchange.

RWE said it intends to sell a total of more than 50 percent by the end of the year. "However, our adherence to this schedule is subject to the development of the market environment."

Some of the American Water stock was sold in an initial public offering in April. It opened at $21.50 a share but closed at $20.80. It has been up and down since, but it closed Thursday at $20.88.

German ownership of Kentucky American's parent has been a frequent point of contention by the local company's critics, including those who supported Lexington's unsuccessful attempt to obtain the company through condemnation, and those who opposed a pipeline being built through Franklin County.