E.ON Starts Innogy Takeover Proceedings

E.ON has launched its voluntary public takeover offer (PTO) for shares in innogy SE following the approval of the offer document by the German Federal Financial Supervisory Authority.

The PTO is being made following the agreement between E.ON and RWE in March under which E.ON will acquire RWE’s 76.8 percent stake in innogy via a far-reaching exchange of assets and businesses.

Under the agreement, the renewables businesses of E.ON and RWE would be brought together under the umbrella of RWE.

Following the completion of the transaction, RWE will operate approximately 8GW of renewable energy assets, including offshore and onshore wind as well as hydro and photovoltaics.

The two renewables businesses of more than 2,500 employees will be brought together within the RWE group alongside RWE’s existing segments, the companies said in March.

The takeover offer is expected to close not before mid-2019, subject to certain closing conditions, including approval by the relevant antitrust and regulatory authorities.