The EU Commission has allowed the energy companies E.On and RWE to destroy the RWE green power subsidiary Innogy. E.On will receive conditional approval for the acquisition of Innogy, the competition guardians said. RWE had already received approval for its part of the deal in February.
The two Essen corporations want to smash the RWE subsidiary Innogy and completely reorganize their business. E.On is to receive Innogy's networks and end-user business, RWE Renewable Energy from Innogy and E.On.
"We can today approve E.ON's acquisition of Innogy because the commitments made by E.ON will ensure that the merger will not result in lower selections and higher prices in the countries where they operate," said Competition Commissioner Margrethe Vestager.
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