America's New Watchword: If It Moves, Privatize It

American Water Works Co. is waging a $300 million hostile takeover bid--but it's not the usual corporate raid. The Voorhees (N.J.) water-supply company is fighting for control of the Santa Margarita Water District, a public entity that serves homes across Orange County, Calif. American Water helped organize a voter-petition drive to dissolve the district and turn control over to the company. It vows to take on the district's debt and cut costs.

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