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Eon swallows Innogy - billion dollar deal completed

2020-06-03T15:15:50.559Z


The energy supplier Innogy with its approximately 8 million customers in Germany is now finally part of the industry leader Eon. Eon boss Johannes Teyssen rejoices. There hasn't been anything like it in Germany for a long time.


The energy supplier Innogy with its approximately 8 million customers in Germany is now finally part of the industry leader Eon. Eon boss Johannes Teyssen rejoices. There hasn't been anything like it in Germany for a long time.

Essen (dpa) - A far-reaching reorganization of the energy industry in Germany is under one roof. The RWE subsidiary Innogy is now part of the energy giant Eon.

The so-called squeeze-out of the remaining minority shareholders of Innogy was entered in the commercial register, Eon said on Tuesday. Trading of Innogy shares on the stock exchange is expected to be stopped this week. The cash compensation of EUR 42.82 per share certificate, which was used to force the minority shareholders out of the company, should be paid out in the next few days.

For Eon boss Johannes Teyssen, the billion dollar deal agreed with the old rival RWE in March 2018 has historical dimensions. "Nothing comparable has happened in the last decades of German economic history," he emphasized. As soon as its last nuclear power plant is shut down, Eon will say goodbye to electricity generation and concentrate on the construction and operation of energy networks and the sale of electricity and gas to around 50 million customers in 15 European countries.

RWE has taken over the renewable energies from Eon and also gets the wind farms and solar systems from Innogy. This makes the lignite-based electricity generator one of the world's largest producers of green electricity. The entry of the merger of Eon and Innogy in the commercial register was also "an important milestone" for RWE, the company said in a tweet. The agreement has also made RWE Eon's largest shareholder.

However, critics fear negative effects on competition in Germany, including the introduction of new technologies such as the intelligent electricity meter. Teyssen is looking forward to a lawsuit filed by several municipal utilities against the approval of the deal by the EU Commission. He said she had "extremely little chance of success" at the Eon general meeting last week.

The takeover of Innogy by Eon is also associated with a downsizing. Up to 5000 jobs are to be cut in the merged company in a socially responsible manner. But there were also great opportunities to create new employment, Teyssen had assured.

Message Eon

Source: merkur

All news articles on 2020-06-03

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