German uitlities E.ON, RWE in energy market shakeup

German uitlities E.ON, RWE in energy market shakeup

The two parties confirmed in statements issued yesterday that an agreement had been reached for a "wide-ranging exchange of business activities and participations". In return, RWE will receive 16.7% of Eon's equity. RWE would also acquire "substantially all of" E.on's renewables operations, including the economic benefits as of the start of this year, and it would keep Innogy's renewables and gas storage businesses, and the latter's interest in Austrian utility Kelag.

The agreement on Innogy, announced Sunday, transfers "most" of E.ON's renewable business to RWE and the "entire" renewable business of Innogy, though E.ON would be in control of the green entity as its largest stakeholder. Shares of GKN PLC rose almost 2% after Melrose increased its offer for the company to almost $11.24 billion.

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GKN Evaluating Melrose Industries' GBP8 Billion Improved Offer (ALLISS)
But because the Easter break truncates the timetable it effectively has until March 15 to sweeten its offer terms. It was in talks with the OH company before Melrose made its move.

However, both the companies are still to approve the transaction.

RWE said: "In case the takeover offer would be completed before innogy's annual general meeting which resolves on the dividend for fiscal 2018, E.ON's offer would be increased accordingly in order to meet the total value". Today it reported 2017 results, saying its adjusted net profit grew by 9% to more than Euro 1.22 billion. It is planned to implement the transaction in several steps, and it is subject to customary antitrust clearances. Out of this portfolio, the company has 1.8GW in onshore wind and 1GW in offshore wind in Europe.

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