E.ON to buy RWE subsidiary Innogy

RWE LOGO IN ESSEN GERMANY REUTERS

Eon would acquire RWE's 76.8% stake in Innogy, and some other interests, with RWE taking a significant minority stake, 16.67%, in Eon's business.

The transactions, which still require approval from the company's boards, face scrutiny by European Union regulators as well as from Germany's Federal Cartel Office, which did not respond to an emailed request for comment.

On March 11, German utility firm E.ON announced it had reached an agreement in principle to acquire innogy from rival RWE.

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.

The price for the company's stake in Innogy would be Euro 40 per share, including Euro 3.24 of dividends for 2017 and 2018, which RWE would still receive until the transaction is closed.

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

Eon would then focus on energy networks and retail, with RWE more generation focused.

If approved, the deal would spell the end for Innogy as a standalone company.

A merger of the renewable generation businesses of Innogy and E.ON under a transformed RWE would give Germany a clean-energy player with enlarged clout in future power auctions, and a bigger presence in key markets such as U.S. onshore wind, growth hotspots like Australia and the fast-growing offshore wind sector. It has been in turmoil since former Chief Executive Peter Terium resigned in December and on Monday said it would cut 400 million euros in costs through the end of 2020.

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