Plans to carve up Innogy (IGY.DE) between parent RWE (RWEG.DE) and rival German utility E.ON (EONGn.DE) drove its shares sharply higher on Monday, lifting the combined value of the three German energy firms by 5.7 billion euros ($7 billion). "We will comment on the latest announcements by RWE AG and E.ON SE in due course", the group's new CEO, Uwe Tigges, said.
With the exchange of shares, the two companies practically share the market.
The deal requires the approval of the board of directors at Eon and RWE. The deal is expected to involve German and European antitrust regulators. RWE and E.ON, whose share prices collapsed over the past decade, rose 11 and 4.6 percent respectively. Innogy and E.ON have also rallied.
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Eon is set to acquire Innogy from RWE, in a far-reaching asset swap that will see Eon concentrate on retail and networks, while RWE focuses on renewables and other forms of generation.
The all-German transaction comes less than two years after E.ON and RWE both split up their businesses to separate legacy fossil fuel power plants from more promising networks and renewable assets.
A merger of the renewable generation businesses of Innogy and E.ON under a transformed RWE would give Germany a clean-energy player with enlarged clout in future power auctions, and a bigger presence in key markets such as United States onshore wind, growth hotspots like Australia and the fast-growing offshore wind sector.
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.