Wednesday, 12 December, 2018

Eon, RWE argree Innogy carve-up

Reuters  Thilo Schmuelgen Reuters Thilo Schmuelgen
Freda Brock | 12 March, 2018, 15:08

The agreement is considered a major restructuring of Germany's energy market and comes in the wake of Chancellor Angela Merkel's 2011 decision to abandon nuclear power and focus on renewable energy sources.

Peter Altmaier, the next economy minister and a close ally of Merkel, said the deal was a effect of that shift, known as the "Energiewende" in German. If the acquisition is completed before Innogy's annual general meeting which resolves on the 2018 dividend, E.on's offer would be raised accordingly so as to meet the total value.

German energy giant EON plans to take over Innogy, the renewables subsidiary of competitor RWE, in a complex deal valued at around 20 billion euros, both companies said yesterday. It will also result in E.ON becoming exclusively focused on customer solutions and energy networks, with RWE acquiring E.ON's renewable energy assets.

Innogy listed in 2016 as the renewables, grids and retail operations unit of RWE. RWE, which owns 76.8 percent of Innogy, was indicated 8 percent higher and E.ON was seen up 6 percent.

First Alert Forecast: Another coastal storm brings more rain and wind
Also, colder air will filter in to the area behind the storm system giving us a chance of wintry mix late Monday. High temperatures will be in the lower 60s, and the rain will continue for the start of the workweek.

The agreement on Innogy, announced Sunday, transfers "most" of E.ON's renewable business to RWE and the "entire" renewable business of Innogy, though E.ON would be in control of the green entity as its largest stakeholder. "We will comment on the latest announcements by RWE AG and E.ON SE in due course", Innogy CEO Uwe Tigges said.

"Through the renewable pipeline, RWE, too, should be able to offset its dwindling nuclear and lignite business as well as attract partners for the expansion of its wind business". Further, RWE will receive the minority interests now held by E.ON's subsidiary PreussenElektra in the RWE-operated nuclear power plants Gundremmingen and Emsland.

The transaction is slated to be enacted in several steps and is subject to regulatory and board approvals.

The European Commission declined to comment.

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