E.on to own 86.2% of Innogy

GERMANY: Following a voluntary public takeover offer, E.on will own a further 9.4% of RWE subsidiary Innogy on top of the 76.8% parent company's share.

E.on and Innogy owner RWE agreed the share and assets swap in March
E.on and Innogy owner RWE agreed the share and assets swap in March

In late April 2018, E.on launched a voluntary offer to buy the shares in Innogy, following a complex deal between RWE and E.on in mid-March.

E.on offered €38.40/share, which other Innogy shareholders accepted. E.on CFO Marc Spieker was "satisfied" with the result of the offer.

"The agreed acquisition of RWE's majority stake will already provide us with the necessary means to integrate innogy into E.ON once the transaction has been completed.

"We are very pleased that we were able to convince many additional innogy shareholders of our offer," Spieker said.

Under the March agreement, E.on will buy Innogy’s grid and retail business.

In return, RWE will take on Innogy’s and Eon’s renewable energy assets. RWE will also own a 16.67% "effective participation" in E.on.

This will make RWE one of Germany’s largest power generators, while E.on will become one of the nation’s premier utility and grid operators.

The takeover still requires regulatory approvals. E.on said it "does not expect completion before mid-2019".

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