RWE to win EU okay to buy E.ON, Innogy renewables businesses - sources
Reuters
Published Feb 21, 2019 10:24
RWE to win EU okay to buy E.ON, Innogy renewables businesses - sources
By Foo Yun Chee
BRUSSELS (Reuters) - German utility RWE is set to gain unconditional EU antitrust approval to buy the renewables businesses of both E.ON and Innogy in a deal that will reshape the German energy market, people familiar with the matter said on Thursday.
The acquisition is part of an asset swap deal which involves breaking up Innogy and dividing its assets between parent RWE and E.ON.
Network, renewables and retail energy group Innogy was carved out from RWE two years ago as a standalone unit.
RWE, Germany's biggest electricity producer, will become Europe's third-largest renewable energy provider behind Spain's Iberdrola (MC:IBE) and Italy's Enel (MI:ENEI) once the deal is completed.
Both the European Commission, which is scheduled to decide on the deal by Feb. 26, and Innogy declined to comment.
RWE said: "We do not see cartel hurdles by taking over the renewable assets from E.ON, but we don't want to make comments on the ongoing process."
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Written By: Reuters
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