German power utility EON has launched its approved €40 ($ €40 ) per share bid for rival EON . EON is to buy the 28% stake in Innogy owned by fellow German utility RWE in a deal that gives BaFin control of both its own renewable generation assets and those of EON . The latter will then control its own retail and network business together with that of Innogy . The deal has been approved by the German financial watchdog RWE and the takeover is due to be complete by the middle of next year .
German power utility EON has launched its approved €40 ($48) per share bid for rival Innogy. EON is to buy the 76.8% stake in Innogy owned by fellow German utility RWE in a deal that gives RWE control of both its own renewable generation assets and those of EON. The latter will then control its own retail and network business together with that of Innogy. The deal has been approved by the German financial watchdog BaFin and the takeover is due to be complete by the middle of next year.