EON’s Hungarian retail business supplying unregulated customers will also be sold along with Innogy’s entire Czech retail business for electricity and gas.While the EU’s decision was expected, the approval marks an important step in a deal that’s set to revolutionize the region’s biggest energy market. the transfer of the innogy renewables business, gas storage and the participation in KELAG to RWE is now intended to be implemented at the end of June 2020.Teyssen: “Thanks to our careful preparation, all of the transaction’s major steps have been on schedule. Employee representatives will of course be closely involved.”The new E.ON will be one of Europe’s largest operators of energy networks and energy-related infrastructure and a provider of innovative customer solutions for about 50 million customers. Teyssen: “We now can and will move forward even more swiftly with the operational implementation of the integration. They’ve since advanced almost 6%. The asset swap saw E.On first fully acquire innogy, which held RWE’s power distribution and renewables interests, followed by Eon and Innogy’s combined renewables businesses being sold to RWE.

The European Union on Tuesday granted EON permission to take over Innogy from RWE AG after the utility agreed to shed businesses in Hungary and the Czech Republic.
To appease over regulators, EON will divest most of its German customers of heating power, potentially with any assets necessary to a buyer, the European Commission said in a statement on Tuesday.EON will also cede its operation of German highway car-battery charging stations to a new supplier. “Our aim is and remains the swift and complete integration of Innogy.EON said that Schmitz will join an expanded EON supervisory board as a shareholder representative after RWE acquired 17% of the company’s stock as part of the deal. Updates with EON, RWE CEO comments from fifth paragraph. Considering the size of the transaction—Germany’s corporate history has seen nothing comparable in recent decades—it’s something to be proud of. As part of the deal, EON will become a grid and network player and RWE will speed its shift from a fossil-fuel power generator to a majority renewables player.The agreements between the firms “will spur the energy transition,” RWE Chief Executive Officer Rolf Martin Schmitz said in a statement, adding it allows the companies to focus on their strengths in the energy supply chain.Reacting to the EU decision, EON chief executive officer Johannes Teyssen said the concessions were “tolerable,” and welcomed the decision that EON won’t have to divest any of its network businesses. INNOGY IS VALUED AT 22 BILLION EUROS, I BELIEVE THE ENTERPRISE VALUE IS 45 BILLION EUROS. innogy SE shares are likely to be delisted this week. Excluding the U.K. market where customer attrition is high, EON’s network business has grown steadily.“We’ll take over the management of Innogy in a series of clear steps,” Teyssen said. The specified cash compensation will be paid in the coming days. Careers at E.ON Inhouse Consulting

We achieved our goal of going from announcement to the final legal step in just over two years. Together with the 3.8% of Innogy shares that Eon has since acquired on the stock exchange, the utility holds 90% of all Innogy shares, meeting requirements under the German Transformation Act for the takeover. All the more reason for me to thank the E.ON and innogy colleagues involved for making this moment in both companies’ history possible.”Teyssen emphasized that from today forward E.ON will carry out the full integration of innogy as rapidly as all previous phases of the transaction. By the end of the acceptance period on 25 July 2018, 9.4% of the shareholders had decided to sell their Innogy shares to Eon. Eon to acquire RWE's Innogy, transforming German energy industry Dinesh Nair, Brian Parkin, Ed Hammond and Eyk Henning Updated Mar 12, 2018 – 12.14pm , first published at 8.24am innogy takeover concluded, integration on schedule The squeeze-out of the remaining minority shareholders in early June enabled E.ON to take the final big step of the complete takeover of innogy. EON HAS AGREED TO PURCHASE INNOGY AS THE ENERGY SHIFTS TO RENEWABLES. Any trading that takes place on the stock exchange until this time is trading only in the cash compensation claims of minority shareholders. The transaction will see Eon acquire Innogy, followed by a series of asset swaps that will radically transform both groups’ business. When the transfer resolution takes effect, innogy shares still shown in minority shareholders’ equity accounts will only represent the before mentioned cash compensation claims.


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