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Eon to acquire Innogy from RWE in strategic renewables deal
13 March 2018, 03:50 | Austin Hogan
Reuters Thilo Schmuelgen
Uwe Tigges, chief executive officer at innogy, said it would be commenting on announcements from RWE and E.On "in due course".
Following completion of the transaction, RWE would combine ownership of the renewables businesses of E.ON and innogy to create a leading European utility for renewables and security of supply with a broadly diversified portfolio of renewable and conventional generation assets, which would be linked via our existing trading business.
RWE, which owns 76.8 percent of Innogy, saw its shares gain as much as 14 percent and E.ON was up 6 percent.
"It was a competitive process", one of the sources said, adding that RWE had chose to strike the deal with E.ON after considering proposals from peers.
Innogy is understood to have been caught off-guard by the agreement struck by its parent company RWE over the weekend, but sources believe the company may already be developing contingency plans to steady the deal with SSE.
It would leave E.ON operating primarily as an energy networks and retail specialist, with RWE significantly strengthening its position in the renewables and clean energy generation markets.
Germany's power companies are reshaping as they look to boost green energy output, shift away from fossil fuels and prepare for Germany's exit from nuclear power in 2022. 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.
And the deal could see the creation of a new European renewables giant.
RWE is being advised by Bank of America Merrill Lynch and Citi on the deal, E.ON has hired Perella Weinberg Partners and BNP.
The planned large-scale asset swap went down well with shareholders. Today it reported 2017 results, saying its adjusted net profit grew by 9% to more than Euro 1.22 billion.
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