German utilities overhaul boosts European stocks

13 March, 2018, 10:52 | Author: Eleanor Thompson
  • Shares of Innogy fell 1% in 2017 their first full year on the German stock exchange. They’ve since advanced almost 6

Chief executive Peter Terium resigned late a year ago in the wake of a profit warning leaving Uwe Tigges as interim CEO.

The move to divide up Germany's largest energy firm by market value is part of sweeping changes by utilities trying to boost green energy, manage a shift from fossil fuels and prepare for a 2022 nuclear power exit.

The German energy giants confirmed an agreement has been reached, subject to board approval, after reports over the weekend revealed a complex cash, shares, and assets deal was under negotiation.

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And the deal could see the creation of a new European renewables giant.

Under the deal, which has been agreed in principle, RWE will receive Eon's renewables business, plus Innogy's renewables and gas storage businesses.

"After successful implementation of the transaction it is meant to fully integrate innogy into the E.ON Group", E.ON said in a statement. RWE and E.ON, whose share prices collapsed over the past decade, rose 11 and 4.6 percent respectively. "Through this transaction E.ON would become a focused customer-oriented energy company concentrating on energy networks and customer solutions".

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But the heart of the agreement is to give E.ON the retail and network businesses of both companies, and give RWE the combined renewable-generation businesses.

The deal, which includes E.ON making a €5.2 billion ($6.4 billion) takeover offer to Innogy's minority shareholders, spells the end of the network, renewables and retail energy group, carved out from RWE two years ago, as a standalone unit.

Innogy, which reported a 3 percent rise in adjusted operating profit, also said it would propose an unchanged dividend of 1.60 euros per share for 2017, compared with the 1.61 euro average forecast in a Reuters poll.

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