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Eon, Germany’s giant energy utility to buy Innogy, the renewable energy business

FT 10th March 2018, Eon, the German utility, is in advanced discussions to strike a complex
deal worth more than €20bn to acquire Innogy, the renewable energy
business that was spun out and still majority controlled by Germany’s
RWE.

The deal, which may be announced as soon as Monday evening, will mark
the latest high-profile transaction in the German energy market just months
after Eon sold a minority stake in its former subsidiary Uniper to
Finland’s Fortum for €3.8bn.

A deal to acquire Innogy would be a bold
move for Eon, offering the clearest sign yet that the German utility is
back on the offensive after years of retrenchment and a series of harsh
regulatory blows. The deal comes after both Eon and RWE were hit hard by
the so-called Energiewende.

Germany’s radical shift away from fossil fuels
towards renewables, which put intense pressure on the two group’s core
conventional power operations. Germany’s leading power companies also
suffered another severe setback in 2011, when the government in Berlin
decided to accelerate the phase-out of nuclear power in response to the
Fukushima disaster.
https://www.ft.com/content/f6952a70-24a7-11e8-b27e-cc62a39d57a0

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March 12, 2018 - Posted by | general

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