Eon to acquire Innogy from RWE in strategic renewables deal

Shares of Innogy fell 1% in 2017 their first full year on the German stock exchange. They’ve since advanced almost 6

German energy companies RWE and Eon have reached an agreement that will see RWE acquire Eon's renewables business innogy.

Analysts at Jefferies said while helping E.ON achieve scale and efficiencies in networks and retail, and transforming RWE into a leading renewables and security of supply provider, a deal "would involve another two years in costly restructuring".

RWE would also become E.ON's biggest single shareholder gaining a 16.7% stake in the company, which already spun-off its conventional power generation, gas and energy trading units as Uniper and sold its stake to Finnish utility Fortum.

In addition, RWE will - after E.ON has gained control over innogy - get substantially all of E.ONs renewables business including the economic benefits as of January 1, 2018.

Germany's power companies are reshaping as they look to boost green energy output, shift away from fossil fuels and prepare for Germany's exit from nuclear power in 2022. Uwe Tigges, chief executive officer at innogy, said it would be commenting on announcements from RWE and E.On "in due course".

Villanova vs. Providence: 3 keys to the Big East title game
Marcus Foster had 19 points to lead Creighton (21-11), which has wins over four ranked teams this season on its NCAA resume. Jalen Brunson continued to show why he was the Big East Player of the Year , as he scored 17 points and had three assists.

RWE had been in talks with European peers including Engie ENGIE.PA and Enel ENEI.MI over the a year ago on a potential transaction and was even close to reaching a deal with Iberdrola IBE.MC in late 2017, the sources said.

The Fukushima meltdown disaster in Japan prompted German Chancellor Angela Merkel to move to shut down the country's nuclear power fleet by decade's end.

"We think that this transaction gives significant thrust to the successful implementation of Germany's energy shift". RWE will pay another 1.5 billion euros to E.ON to close a valuation gap that results from the complex structure of the asset swaps.

While the two companies were in touch with each other over the last year, concrete negotiations about Innogy only picked up this year, the sources said.

Related news:

Hot News

isis-killer-beheading-video-story-top Stormy Daniels' lawyer on potential Trump photos, texts, videos: "no comment"
Mar 13, 2018 - 03:49
The offer also calls on Cohen and Trump to agree not to block Clifford's interview with " 60 Minutes ". Cohen trying to silence this woman and keep the American people from hearing her story", he said .

isis-killer-beheading-video-story-top Tim McGraw collapses during Dublin concert
Mar 13, 2018 - 03:48
Readers can press play above to watch the country star and her band address the crowd, the members of which responded classily. He looked to be in fine health as he wore stubble on his face and covered his head with a grey knit beanie.

isis-killer-beheading-video-story-top Donald Trump says USA should consider death penalty for drug dealers
Mar 13, 2018 - 03:47
Greg Rothman serves with Sacconne in the Pennsylvania legislature and worked on the team that helped Trump win in the state. Trump said people who kill just one person get the death penalty , while drug dealers can kill 5,000 people with drugs.

isis-killer-beheading-video-story-top Beyonce, Jay-Z to bring worldwide stadium tour to Phoenix area
Mar 13, 2018 - 03:47
This summer, they will be touring together again, and their OTR II Tour will come to the East Rutherford stadium on August 2. Jay-Z and Beyonce's OTR II Tour will make a stop at the Rose Bowl in Pasadena on September 22.

isis-killer-beheading-video-story-top Samsung Galaxy S9 and S9
Mar 13, 2018 - 03:46
Google is still rolling out this feature to devices in batches so if you haven't received it, chances are you will get it soon. The pre-orders of the phones are comparatively lower than the Galaxy S8 phones.

isis-killer-beheading-video-story-top Sensex trades 300 points higher; Nifty above 10300-level
Mar 13, 2018 - 03:44
Meanwhile, the Nifty was trading higher by 95.60 points or 0.93% at 10,322.45 with 36 components gaining. Non-farm payroll data released in the United States last Friday showed a strong growth of 313,000 jobs.

isis-killer-beheading-video-story-top Tom Brady gets buzz cut to support Dana-Farber Cancer Institute
Mar 12, 2018 - 02:42
Baker was sitting alongside Brady when the clippers were fired up. (Photo by Jessica Rinaldi/The Boston Globe via Getty Images). During the event , Brady sat next to Massachusetts Governor Charlie Baker , whose head was shaved for the fourth time.

isis-killer-beheading-video-story-top South African fans utilise SBW masks to taunt Australia's David Warner
Mar 12, 2018 - 02:41
So, they have started the competition by playing a warm up match against South Africa A where Australia won by 5 wickets. That replicated Australia's first innings, when the tourists were 161-3 and 243 all out in a similar late slide.

isis-killer-beheading-video-story-top After wife says ready to resolve matter, Shami agrees to patch up
Mar 12, 2018 - 02:36
There seems no end to the allegations on the Indian pace bowler Mohammed Shami . "I was shocked and could not sleep", she said. Jahan also accuses Shami's family members of harassing her for more than 2-3-years and threatening her of killing her.

isis-killer-beheading-video-story-top Cricket South Africa apologise for SBW masks
Mar 12, 2018 - 02:35
The left-hander was fined 15 per cent of his match fee in 2014 for accusing AB de Villiers of ball tampering at the same venue. Rabada denies the contact was intentional but faces being banned for the final two tests of the series if found guilty.

isis-killer-beheading-video-story-top Gal Gadot Welcomes Kristen Wiig To 'Wonder Woman 2'
Mar 12, 2018 - 02:34
Kristen Wiig arrives at the 9th annual Governors Awards at the Dolby Ballroom on November 11, 2017, in Los Angeles. It's true! So incredibly lucky to welcome the sensationally talented Kristen Wiig to our Wonder Woman family.

isis-killer-beheading-video-story-top Jordan Ayew Sees Red In Swansea City Draw At Huddersfield Town
Mar 12, 2018 - 02:34
We prepared all week with two attackers, Jordan Ayew and Andre Ayew, to give us a bridge to attack. Jordan's side despite their numerical disadvantage held the home side to a 0-0 drawn game.

isis-killer-beheading-video-story-top Sri Lanka's Chandimal handed two-match ban for over-rate offence
Mar 12, 2018 - 02:31
On the bowling front, pacer Dushmantha Chameera stood out while the Indians struggled to read the leg-spin of Jeevan Mendis. However, the worry for India has been the form of fellow opener Rohit, who has scored only 39 runs in the past five T20Is.

isis-killer-beheading-video-story-top Ontario PCs confirm 'definitive' win for Doug Ford
Mar 12, 2018 - 02:30
Lefton said a review was underway and told the crowd to leave the hall and go home since the venue was needed for another event. The party said almost 77,000 members had registered to vote and more than 44,000 had cast a ballot as of Wednesday evening.

isis-killer-beheading-video-story-top Winter storm warning issued for expected Monday snow
Mar 12, 2018 - 02:26
A chance of snow is possible before 2 p.m., according to NWS, though no "significant winter storm" is expected. After that, the likelihood goes up to 90 percent, and snow and sleet may be coming down as well.