EXHIBIT 99.1
[LOGO] American Water Works Company, Inc.
NEWS RELEASE
FOR RELEASE: FOR IMMEDIATE RELEASE
CONTACT: Thomas G. McKitrick, Vice President-Investor Relations
Sherry F. Lytle, Vice President-Corporate Communications
(856) 346-8200
www.amwater.com
AMERICAN WATER WORKS COMPANY, INC.
AMENDS RIGHTS AGREEMENT
VOORHEES, NEW JERSEY, June 1, 2000 -- American Water Works Company,
Inc. (NYSE:AWK) announced today that it has amended its shareholder Rights
Agreement. The Rights Agreement provides for certain consequences if more
than a stated percentage of the Company's Common Stock is acquired by any
person or group of persons without the prior consent of the Board of
Directors. Today's amendment lowered that percentage, and the percentage
ownership that triggers the dilutive effect of the rights issued under the
Agreement, to 10% of the Company's outstanding Common Shares.
J. James Barr, president and chief executive officer of American
Water Works explained, "These amendments are important to further
strengthen the position of all shareholders of the Company in the event of
an unwelcome attempt to gain control of the Company. We are not aware of
any efforts to acquire control at this time. Our action today is merely
intended to prepare us to effectively deal with any such attempt if it
should occur in the future."
American Water Works Company shareholders do not need to take any
action with respect to the amendments to the Rights Agreement.
American Water Works Company, through its subsidiaries, provides
water and wastewater services to more than 1,000 communities in 23 states.
###
