German power utility EON has launched its approved € 40 ( $ 48 ) per share bid for rival Innogy . It 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 Siemens . German utility The deal has been approved by the German financial watchdog BaFin and the takeover is due to be complete by the end of next year .
German power utility EON has launched its approved € 40 ( $ 48 ) per share bid for rival Innogy . It 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 Siemens . The deal has been approved by the German financial watchdog BaFin and the takeover is due to be complete by the end of next year .