Eon, RWE argree Innogy carve-up

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German energy giant EON plans to take over Innogy, the renewables subsidiary of competitor RWE, in a complex deal valued at around 20 billion euros, both companies said yesterday.

The logo of German energy company Innogy at its headquarters in Essen.

Germany's top utilities on Sunday announced plans to break up Innogy, whose assets will be divided among parent RWE and rival E.ON in the sector's biggest overhaul since a landmark move to exit nuclear power.

Finally, the agreement provides for a EUR1.5 billion cash payment from RWE to E.ON. RWE kept 76.8 percent of Innogy after the 2016 carve-out.

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RWE would, in turn, gain an effective participation of 16.67 per cent in EON.

"Through the renewable pipeline, RWE, too, should be able to offset its dwindling nuclear and lignite business as well as attract partners for the expansion of its wind business".

EON has spun off its fossil fuel operations and invested heavily in renewables, while RWE remains the biggest power producer.

Also, RWE would receive the entire innogy renewables business, the innogy gas storage business and innogy's stakes in the Austrian energy supplier Kelag.

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Background to the deal is the ongoing transformation of utilities especially in Germany, which forced RWE and E.ON to spin-off their conventional assets.

In a letter to staff seen by Reuters, Chief Executive Uwe Tigges said that Innogy's management and supervisory boards would thoroughly assess the planned deal, which was agreed in principle and still requires antitrust approval.

Furthermore, E.ON would transfer to RWE most of E.ON's renewables business and also the minority interests now held by E.ON's subsidiary PreussenElektra in the RWE-operated nuclear power plants Emsland and Gundremmingen.

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