2023-05-01 05:13:54 ET
- California American Water, subsidiary of American Water ( NYSE: AWK ) rejects the offer from Monterey Peninsula Water Management District or MPWMD to purchase California American Water’s water system serving the Monterey Peninsula.
- The company confirms that its water system is not for sale and pointing out that MPWMD does not have the legal authority to purchase or operate the potable water system serving the area.
- “MPWMD has spent over $3M pursuing its effort so far and is putting tens of millions more at risk by proceeding without the needed legal authority. It’s time to recognize that they have fulfilled the voter mandate to explore the feasibility of purchasing the water system and return to their core mission of promoting conservation and protecting the Carmel River.” said Evan Jacobs, Director of External Affairs for California American Water.
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California American Water rejects purchase offer from MPWMD