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. Eon formally launched its voluntary public takeover offer of rival Innogy today, after the bid was approved by German financial watchdog BaFin. In an interview on Monday, EON’s chief executive officer Peter Kaul said he was confident his offer would be accepted.
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. In an interview on Monday, EON’s chief executive officer Peter Kaul said he was confident his offer would be accepted.