German uitlities E.ON, RWE in energy market shakeup

German uitlities E.ON, RWE in energy market shakeup

German uitlities E.ON, RWE in energy market shakeup

Shares in Innogy were up 13.8 percent to 39.28 euros at 1025 GMT after Sunday's proposed deal from RWE and E.ON, which plans to offer Innogy's minority shareholders 40 euros per share, or 5.2 billion euros, a 16 percent premium to Friday's close.

The German energy giants in Germany RWE and E.On agreed to jointly acquire the assets of Innogy, which according to analysts is seen as a serious change in the sector and a step towards the country's abandoning from nuclear power, . Uwe Tigges, chief executive officer at innogy, said it would be commenting on announcements from RWE and E.On "in due course".

Both companies have had to rethink their business models in recent years, with German Chancellor Angela Merkel championing the pursuit of a low-carbon economy through Germany's "Energiewende" policy.

However, the deal still needs the approval of each company's supervisory board.

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The total would still be small in operating terms compared to the giants of southern Europe, who were quicker off the mark in building large-scale worldwide renewables fleets than their German counterparts. RWE and E.ON, whose share prices collapsed over the past decade, rose 11 and 4.6 percent respectively.

The big six pair both shrugged off fears that a complex deal between German energy giants RWE and Eon, which emerged over the weekend, would derail their plans to create Britain's second largest energy supplier.

Germany's biggest power producer RWE spun-off innogy in 2016, but still holds a majority stake in the company focusing on renewables, retail, power distribution and other new energy areas like electric mobility.

Today saw the publication of innogy's full-year results for 2017, reporting a 9% increase in net income to more than €1.2 billion.

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