Eon finalizes Innogy takeover bid

German energy company, Eon is set to acquire the lion's share of Innogy – a 76.8% stake – from another German energy giant, RWE. For the remaining shares, Eon has made a voluntary public takeover offer to the minority shareholders, and collected a further 9.%. If the authorities have no objections, the total share of Eon in Innogy after completion of the transaction will be 86.2%.

Eon CFO, Marc Spieker is very satisfied with the result, according to a press release. Even with the agreed acquisition of RWE's majority stake, Eon has all the necessary room for maneuver to integrate Innogy. “We are very pleased that we were able to convince many other Innogy shareholders of our offer,” he said.

Already on presentation of the voluntary public takeover bid, Eon did not expect to be able to squeeze out the remaining minority shareholders after the end of its existence – for which Eon would have to own more than 90% of Innogy's shares.

As Eon further states, the voluntary public takeover offer has been successfully completed. Now the company wants to take the next steps to implement the transaction.

Eon, RWE and Innogy agreed on July 19 to divide the latter between RWE and Eon, and to organize the business activities differently. Essentially, this is 76.8% of the shares that RWE holds in Innogy, and that Eon now wants to acquire through a far-reaching exchange of business activities and investments.

In addition, the renewable energy business is to be located under the umbrella of RWE, while Eon intends to focus on energy networks and customer solutions. The transaction, which is expected to be fully integrated into the Eon Group, is one of the largest mergers in the German energy sector.