Vivendi to Sell Share of Philadelphia Suburban
BRYN MAWR, Pa. (AP) - Philadelphia Suburban Corp. announced Sunday that Vivendi Environment, a subsidiary of the Paris-based Vivendi Universal conglomerate, intends to sell its 17 percent stake in the water utility.
Vivendi owns about 11.8 million shares, which should bring about $282 million based on the utility's closing stock price of $23.90 Friday on the New York Stock Exchange.
Vivendi has owned shares of its Bryn Mawr-based competitor for about 30 years. Philadelphia Suburban said the sale would not effect its ongoing business strategy.
Andrew D. Seidel, president and chief executive officer of United States Filter Corporation, an affiliate of Vivendi, resigned from the utility's board as part of the split.
PSC is the holding company for regulated public utilities that provide water and wastewater services to about 2 million residents in Pennsylvania, Ohio, Illinois, New Jersey, Maine and North Carolina.