E.ON Secures 86.2% Innogy Share

Business & Finance

E.ON has secured an 86.2% share in innogy after completing the voluntary public takeover offer (PTO) to the company’s minority shareholders.

Following the closing of the additional acceptance period on 25 July, innogy’s shareholders decided to sell 9.4% more to E.ON, adding to RWE’s 76.8% stake.

E.ON said it now intends to proceed towards the implementation of the transaction, which is subject to receipt of official approvals, thus not expected to be completed before mid-2019.

“We are very satisfied with the result. The agreed acquisition of RWE’s majority stake will already provide us with the necessary means to integrate innogy into E.ON once the transaction has been completed. We are very pleased that we were able to convince many additional innogy shareholders of our offer,” said Marc Spieker, E.ON’s Chief Financial Officer.

According to Spieker, some funds could not tender their shares due to internal restrictions as expected, for example index-linked funds that contain innogy shares.

“We want to and will work openly, transparently and fairly with innogy to create together a new E.ON that is fully customer-oriented with intelligent networks and innovative customer solutions. On the one hand, we will continue to leverage the synergy potential of €600 to €800 million and on the other hand, we will tap growth potential for the new E.ON.”

To remind, E.ON and RWE reached an agreement in March under which E.ON will acquire RWE’s 76.8% stake in innogy in return for granting RWE an effective participation of 16.67% in E.ON SE. E.ON will transfer to RWE most of its renewables business, with RWE receiving the entire innogy renewables business. The two businesses will be brought together under the umbrella of RWE.