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E.ON is active in several European countries. RWE AG / E.ON SE merger inquiry The CMA investigated and cleared the proposed acquisition by RWE AG of a 16.67% minority stake in E.ON SE. Today’s decision follows an in-depth investigation of E.ON’s proposed acquisition of Innogy’s distribution and consumer solutions business as well as certain electricity generation assets of Innogy. Innogy, controlled by RWE and based in Germany, is also an energy company active across the energy supply chain, including distribution, retail supply and energy-related activities. Commissioner Margrethe Vestager, in charge of competition policy, said: “It is important that all Europeans and businesses can buy electricity and gas at competitive prices. E.ON, based in Germany, is an energy company currently active across the whole energy chain. The adequacy of the cash compensation will subsequently be reviewed by a court-appointed auditor. The approval is conditional on full compliance with a commitments package offered by E.ON. Finally, E.ON will get €1.5 billion ($1.7 billion) in cash from RWE. Such an agreement shall provide for the exclusion of innogy SE’s remaining minority shareholders in return for the payment of a fair cash compensation pursuant to section 62, paragraph 5, sentence 1 of the German Transformation Act in conjunction with sections 327a et seq. He is based in Barcelona, Spain. This shall be implemented by way of a merger of innogy SE into E.ON Verwaltungs SE, excluding the remaining minority shareholders of innogy SE in exchange for payment of an adequate cash compensation according to sec. Together with the nearly 3.8 percent of shares in innogy SE acquired via the stock market in the meantime, E.ON will hold, through its subsidiary E.ON Verwaltungs SE, a total of 90 percent of all shares in innogy SE and will thus fulfill the necessary requirements for a merger squeeze-out under the German Transformation Act. Last year, Wood Mackenzie Power & Renewables analyst Luke Lewandowski estimated E.ON and RWE’s combined wind assets would put RWE just behind Iberdrola in terms of overall share in the Europe and Middle East market. Jason is a contributing writer for GTM, focused on global trends in energy storage and wind. “We do not see any antitrust hurdles in the acquisition of E.ON's renewables business because the increase in market share will not affect competition,” she said, while declining to comment further on the proceedings. Check out all of our energy storage resources, Watt It Takes: Steph Speirs on Making Solar Accessible to All, Taking Stock of Job Losses in Clean Energy, Ed Mazria Uncovers the Carbon Hidden in Our Buildings, Amazon, Generac and Calibrant: Making Sense of Recent Distributed Energy Activity. Upon completion of the voluntary public takeover offer, E.ON will receive another just over 9.4 percent of the shares in innogy SE. (aktienrechtlicher Squeeze-out). This decision is conditional upon the full compliance with the commitments. The vast majority of notified mergers do not pose competition problems and are cleared after a routine review. RWE, in turn, will become Europe's No.3 renewables player after Spain's Iberdrola IBE.MC and Italy's Enel ENEI.MI and hold a 16.7% stake in E.ON, making it the largest shareholder. In order to execute the squeeze-out under German Transformation Act, E.ON Verwaltungs SE intends to initiate negotiations with innogy SE regarding the conclusion of a merger agreement (Verschmelzungsvertrag). By way of consummation of the share purchase and transaction agreement, E.ON will first obtain nearly 76.8 percent of all shares in innogy SE from RWE. Current figures for the European generation capacities of all three companies are not easy to come by. RWE is expecting a smooth ride in its plans to become a renewable energy behemoth by acquiring the assets of E.ON and Innogy, as reported this week. Go deep on GTM's hottest topics. RWE, meanwhile, would become a leading European renewable energy producer with “attractive growth potential, optimally combined with security of supply through its conventional power plants and energy trading,” the companies said last year. Furthermore, our employees can look toward the future and ensure growth in joint teams,” said E.ON’s CEO Johannes Teyssen. “This procedure, known as a merger squeeze-out, provided for in company law applicable from a shareholding of 90 percent, allows us to implement the integration plans, which have been developed together with innogy during the last months, as swiftly as possible. New England govs demand more from power grid operator. Customer Experience Initiatives Surpass Products and Pricing, Integrated Distribution Planning: Key Insights, Opportunities, and Challenges, Learn more about posting on Energy Central », Electric vehicles are a flawed technology. ", Hawaiian Electric to shut down oil-fired plants as it transitions to renewables. Add that to around 2.6 gigawatts of hydro and a small amount of biomass generation operated by RWE, and RWE’s renewable energy portfolio could come to over 14 gigawatts worldwide and 10 gigawatts within Europe, if the deal goes through. Customers and investors will benefit from the economic advantages of the integration. Sign in . What Is the Clean Energy Industry Doing to Confront Racism? More information will be available on the Commission’s competition website, in the public case register under the case number M.8870. A further 31 percent was in offshore wind, and almost all of the remainder was in hydro generation. For comparison, Iberdrola claimed more than 29 gigawatts of renewable plant capacity in the last quarter of 2018, and Enel boasts 43 gigawatts of renewable capacity, although much of that is outside Europe. European Union officials are expected to grant approval for the purchase of the renewable energy assets of E.ON and Innogy. The Commission approved on 26 February 2019, under the EU Merger Regulation, another part of the asset swap, namely RWE’s acquisition of certain generation assets held by E.ON (case M.8871). E.ON said the deal would turn it “into a highly focused provider of European energy networks and state-of-the-art customer solutions, ideally positioned to drive Europe’s energy transition by innovation.”. We curate our best reporting on the most salient trends in the industry. Batteries are helping to optimize the power grid and opening up new applications and services for utilities and service providers. RWE, meanwhile, would receive practically all of E.ON’s and Innogy’s renewable generation plus a 16.67 percent stake in the enlarged E.ON and certain other assets, according to a press release. Subscribe today to the Daily Power Industry Newsletter for the most up-to-date and relevant utility industry news. Essen-based RWE, the biggest electricity provider in Germany, is expecting European Union bureaucrats will grant it unconditional antitrust approval to take back Innogy’s renewables businesses and exchange the rest of the company for assets held by E.ON, Reuters reported Thursday. Email address. The Role of the Federal Government in Climate Matters: Isn't It Obvious? RWE's installed renewable energy portfolio now stands at more than 9GW, making it one of the world's largest operators following its deal with E.on. Today, E.ON has informed the innogy Management Board about its intention to fully integrate the company into the E.ON group, immediately after the European Commission approves the acquisition of the innogy shares held by RWE and by other shareholders during the course of the voluntary takeover offer. However, RWE will need to gain separate federal regulatory approval to purchase E.ON assets in the U.S. RWE spokesperson Regina Wolter told GTM that her company had submitted European transaction documents to the EU authorities on Jan. 22. Eon will emerge from the deal with RWE as an energy ... could involve Innogy undertaking a speedy sale of its stake in the new SSE company once the merger is approved and before the E.on-RWE …

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