E.ON now owns a majority stake in innogy shortly after the EU Commission cleared the transaction
Image: E.ON headquarters in Essen, Germany Photo: Courtesy of E.ON SE
The 76.8 percent stake in innogy previously held by RWE has now been transferred to E.ON. The purchase of a total of 426,624,685 shares has thus been closed. As planned, E.ON now owns a majority stake in innogy shortly after the EU Commission cleared the transaction.
Until end of next week, E.ON will also close the voluntary public takeover offer to innogy’s minority shareholders. The minority shareholders who tendered their shares to E.ON last year will receive the offer consideration. By the end of the acceptance period on July 25, 2018, a good 9.4 percent of the shareholders had decided to sell their innogy shares to E.ON.
Together with the 3.8 percent innogy shares that E.ON has since acquired on the stock exchange, E.ON then holds 90 percent of all innogy shares and thus fulfills the requirements for a squeeze-out under the German Transformation Act. As announced at the beginning of September, E.ON intends to acquire the shares of the remaining minority shareholders of innogy SE by way of a merger squeeze-out and thus become the only shareholder of innogy.
E.ON-CEO Johannes Teyssen: “Our goal is a swift and direct integration of innogy into E.ON. The completion of the take-over of innogy is the decisive step in the realignment of our company. As a customer-focused innovation driver, we will soon be able to focus systematically on our core businesses – intelligent power distribution networks and customer solutions. This will benefit our customers in particular, with whom we want to shape the new energy world together. E.ON, together with its customers and partners, will make a significant contribution to climate protection in Europe.”
Source: Company Press Release