E.ON agrees to acquire Innogy from RWE in €43bn deal

RWE LOGO IN ESSEN GERMANY REUTERS

RWE LOGO IN ESSEN GERMANY REUTERS

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.

German energy company RWE has reached a preliminary agreement on the sale of its controlling stake in Innogy to German utility E.On, RWE announced on Sunday. "We will comment on the latest announcements by RWE AG and E.ON SE in due course", the group's new CEO, Uwe Tigges, said.

Assuming the deal goes through, and unites the large-scale renewables assets of Innogy and E.ON Climate & Renewables under the RWE umbrella, the operating asset base of the two will amount to about 6.35GW of onshore wind and 2.1GW offshore, plus a small but growing PV operation.

Both companies have had to rethink their business models in recent years, with German Chancellor Angela Merkel championing the pursuit of a low-carbon economy through Germany's "Energiewende" policy. RWE kept 76.8 percent of Innogy after the 2016 carve-out.

Packers Have "Preliminary Interest" in CB Richard Sherman
Carrie was the best cornerback the team had last season, he comes into the offseason as an unrestricted free agent. The Seahawks will add $11 million in salary cap space for 2018 with his departure.

Innogy and E.ON have large overlapping retail businesses in Germany and Britain.

French shares were modestly higher on Monday as strong U.S.jobs report stoked optimism about global growth and German utilities E.ON and RWE announced a major overhaul of the industry.

The somewhat complex deal involving shares and asset swaps will see RWE take over Eon's renewables business while Eon gets the retail and network businesses of both companies.

RWE said its plan is to combine the renewables businesses of Innogy and E.on to establish a greener utility with a broadly diversified portfolio of renewable and conventional power generation assets, which would be linked via its existing trading business.

Recommended News

  • Elon Musk Says Flights to Mars Will Start in 2019

    Elon Musk Says Flights to Mars Will Start in 2019

    Mars will need pizza joints, and one day people will drink at a Mars Bar, he said - congratulating himself on the Dad joke. He also predicted a utopian social model for the red planet, akin to the ancient Greek republics, without the slavery.
    Average voter turnout in peaceful polls

    Average voter turnout in peaceful polls

    Araria Loksabha bypoll saw 57% voter turnout while Bhabhua and Jehanabad saw 54.3% and 50.6% voters respectively. In Jehanabad, the RJD hopes to retain the Assembly seat that fell vacant after the death of Mundrika Yadav.

    European Union hopes for clarity from crunch United States trade talks

    However, the announcement is expected to be the beginning of a wider trade war, with additional tariffs likely to follow. We can not possibly be a threat to national security in the USA , so we are counting on being excluded", she said.
  • Marquette left out of the NCAA Tournament

    Marquette left out of the NCAA Tournament

    A Davidson win knocks them out. "I think so, but obviously we won't know until he goes through his pregame warmup", said Gentry. Davidson edged the top-seeded University of Rhode Island 58-57 in Sunday's Atlantic 10 championship game at Capital One Arena.
    Donald Trump to get military parade, but no tanks

    Donald Trump to get military parade, but no tanks

    In practice, that means "period uniforms", re-enactments and even the use of an "old guard fife and drum", the memo says. However, a Pentagon memo declared the parade to be excluding tanks in order to lessen the impact inflicted on roads.
    Elneny delighted with Arsenal's Europa League win over AC Milan

    Elneny delighted with Arsenal's Europa League win over AC Milan

    Wenger is also adamant that the criticism directed towards him from Arsenal's fans is not personal. Before that, Milan face a very hard Serie A trip to Genoa, who already beat Inter a few weeks ago.
  • Insurgents have taken control of a district headquarters in western Farah province

    Insurgents have taken control of a district headquarters in western Farah province

    Fared Bakhtawar, head of the provincial council, said that seven army commandos and eight police are among the dead. Saturday's attack came ahead of an expected increase in fighting with the end of winter and the approach of spring.
    Watch Tiger Woods electrify the gallery with a spectacular hole-out

    Watch Tiger Woods electrify the gallery with a spectacular hole-out

    After a discussion with an official to confirm there was no penalty he holed out for a par . Even Snedeker had a huge grin on his face when the ball vanished into the cup.
    Florida knocked out of SEC tournament by Arkansas

    Florida knocked out of SEC tournament by Arkansas

    The Razorbacks and Volunteers met on the opening weekend of conference play, a 95-93 Arkansas win in overtime December 30. It wasn't just the number of points Barford scored that was so impressive, but rather when - and how - he scored them.
  • Dead, 2 Injured in Texas Package Explosions

    Dead, 2 Injured in Texas Package Explosions

    Then, shortly before noon, local time, police responded to a third explosion, this time on the southeast side of the city. Police in Austin , Texas say they are treating a series of bomb explosions over the past week as a potential hate crime.
    Vols clash with Kentucky in classic SEC Tournament championship game

    Vols clash with Kentucky in classic SEC Tournament championship game

    But Killeya-Jones dunked the rebound to give United Kingdom a 66-62 lead going into the final three-plus minutes. The last time Kentucky entered the NCAA tournament with at least 10 losses was in 2013-14 as a No. 8 seed.
    Waymo launching self-driving truck pilot to Atlanta

    Waymo launching self-driving truck pilot to Atlanta

    Autonomous-vehicle technology has been touted as having potential to save fuel, ease congestion, and make transportation safer. The trucks won't be completely driverless, but will be operating on public roads during the pilot, the company said.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.