The takeover of German energy company Innogy has been completed by E.ON.
The integration has been completed on schedule and entry into Commercial Register has been carried out.
Cash compensation of €42.82 per share to shareholders is expected to be paid in the coming days. Innogy will be listed on E.ON’s listing on stock exchanges.
Innogy has more than 42,000 employees, is active in 15 European countries and serves more than 22 million customers in the fields of network & infrastructure, energy sales and renewable energies.
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The acquisition will make E.ON one of Europe’s largest operators of energy networks and energy-related infrastructure in Europe. E.ON will have about 50 million customers, 75,000 employees and be active in 15 countries.
E.ON announced its plan to acquire Innogy in March 2018 which was then approved by the European Commission in September 2019.
In March 2020 the innogy General Meeting passed a resolution to transfer minority shareholders’ remaining shares to E.ON in exchange for appropriate cash compensation as part of a merger squeeze-out.
E.ON will complete the final steps of the transaction which include the transfer of the innogy renewables business, gas storage and the participation in KELAG to RWE at the end of June 2020.
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Johannes Teyssen, the CEO of E.ON, said: “We’re very pleased that today we completed the final major step in the full takeover and integration of innogy. In the months ahead, we’ll focus on the practical integration of all former innogy operations into our Group. Throughout this process, we’ll ensure that our customers’ interests will continue to always have priority.”
“We achieved our goal of going from announcement to the final legal step in just over two years. Considering the size of the transaction—Germany’s corporate history has seen nothing comparable in recent decades—it’s something to be proud of. All the more reason for me to thank the E.ON and innogy colleagues involved for making this moment in both companies’ history possible.”
“The new E.ON’s structure and leadership team are already set. We now can and will move forward even more swiftly with the operational implementation of the integration. Employee representatives will of course be closely involved,” concludes Teyssen.