Economy

German power firm Innogy boosted by latest utility shake-up

German power firm Innogy boosted by latest utility shake-up

German energy company RWE AG (ETR:RWE) on Sunday said it would sell its majority stake in Innogy SE (ETR:IGY) to sector player E.on SE (ETR:EOAN), but it will get the renewables businesses of both firms to create "a leading European utility for renewables and security of supply".

RWE would, in turn, gain an effective participation of 16.67 percent in E.ON.

RWE had been in talks with European peers including Engie ENGIE.PA and Enel ENEI.MI over the past year on a potential transaction and was even close to reaching a deal with Iberdrola IBE.MC in late 2017, the sources said.

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That would position RWE, which relies heavily on coal and gas-fired power plants, as a champion of the shift away from fossil fuels towards a more sustainable mix of energy sources.

The logo of German energy company Innogy at its headquarters in Essen.

Through the deal, which includes a share issue and asset swaps, E.ON will acquire Innogy's prized regulated energy networks and customer operations, while RWE will take on the renewables businesses of both E.ON and Innogy. However, the deal still needs the approval of each company's supervisory board. RWE will pay another 1.5 billion euros to E.ON to close a valuation gap that results from the complex structure of the asset swaps.

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"We assure you that the interests of the employees of our company as well as those of our shareholders continue to be our primary focus", Tigges said.

Shares in RWE, which owns 76.8 percent of Innogy, closed 9.2 percent higher while E.ON's ended the day up 5.4 percent.

Under the deal, which has been agreed in principle, RWE will receive Eon's renewables business, plus Innogy's renewables and gas storage businesses.

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Innogy reported a 3 percent rise in 2017 adjusted operating profit and said it would propose a dividend of 1.60 euros per share for 2017, unchanged from a year earlier.


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