New RWE would give Germany global-scale renewables champ

13 March, 2018, 10:54 | Author: Angelina Schmidt
  • German giants Eon and RWE strike major deal, move closer together

The deal between the two energy giants has to be approved by the boards of companies as well as regulators - the European Commission and the German Antimonopoly Commission. Uwe Tigges, chief executive officer at innogy, said it would be commenting on announcements from RWE and E.On "in due course".

The complex deal would see RWE sell its remaining stake in innogy to E.On but keep hold of all of innogy's renewables interests.

With the exchange of shares, the two companies practically share the market.

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

Following completion of the transaction, RWE would combine ownership of the renewables businesses of Eon and innogy, creating a leading European utility for renewables with a diversified portfolio of renewable and conventional generation assets.

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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However, Innogy, which reported its annual results on Monday, said that it had so far not reflected on the proposal and would comment at a later stage. By bolstering its network infrastructure, E.ON should be able to generate substantial cost savings, while RWE will be able to ramp up its solar and wind offerings.

"A win-win?" Morgan Stanley suggested in a note, reiterating its "in-line" view of the industry.

The aim is for E.ON to focus on the retail, energy networks and customer solutions business, while RWE would take over the renewables power generation of both companies. Today it reported 2017 results, saying its adjusted net profit grew by 9% to more than Euro 1.22 billion.

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