United Water United Water Resources
200 Old Hook Road
Harrington Park, NJ 07640-1799
telephone 201 784 7076
facsimile 201 767 6579
For immediate release
Contact: Carolyn Iglesias
201 767 2836
UNITED WATER RECEIVES FINAL APPROVAL FROM NEW YORK REGULATORS FOR ITS
ACQUISITION BY SUEZ LYONNAISE DES EAUX; CLOSING TO TAKE PLACE BY THE END OF JULY
HARRINGTON PARK, NJ, July 19, 2000--United Water Resources (NYSE: UWR) today
announced that the New York State Public Service Commission (PSC) approved the
acquisition of the company by Paris-based Suez Lyonnaise des Eaux (LY: Paris
Bourse), the world leader in private infrastructure services. The PSC decision
represents the final regulatory approval needed to conclude the transaction.
The closing of the transaction is now scheduled for July 26, 2000. Following the
closing, United Water will maintain its corporate identity as a wholly owned
subsidiary of Suez Lyonnaise des Eaux.
As announced by the company on July 12, shareholders of United Water's common
stock will receive $35 in cash, plus a special dividend of $.30, and a pro rata
share of the regular $.24 per share quarterly dividend for each common share
they own as of the closing date.
With annual revenues of $32.5 billion, Suez Lyonnaise des Eaux is a world leader
in private infrastructure services, with operations in more than 120 countries.
The company is a market leader in the water sector serving 100 million consumers
and 60,000 industrial clients. Suez Lyonnaise des Eaux has been a principal
shareholder in United Water since 1994 following United Water's merger with GWC
Corporation.
United Water is a holding company engaged in water-related businesses and real
estate investments with a history that dates back to 1869. As the nation's
second-largest water services company, United Water provides water and
wastewater services through its
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regulated utilities and non-regulated municipal contract operations to more than
7.5 million people in over 400 communities in 17 states. The company has been
continuously listed on the New York Stock Exchange since 1889 and has paid cash
dividends on its common stock since 1886. For more information about United
Water, please visit our web site at www.unitedwater.com.
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