FILE PHOTO: Innogy logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen
FRANKFURT (Reuters) – Shares in Innogy (IGY.DE), once Germanys No.1 energy group by market cap, are expected to be delisted this week, as rival E.ON (EONGn.DE) said it completed a squeeze-out as part of a broader deal to break up the firm.
In the months ahead, well focus on the practical integration of all former Innogy operations into our Group. Throughout this process, well ensure that our customers interests will continue to always have priority, E.ON Chief Executive Johannes Teyssen said.
The landmark deal to break up Innogy, originally carved out from RWE (RWEG.DE) and listed in October 2016, was unveiled more than two years ago and saw its assets divided between E.ON and its former parent.
As part of the break-up, RWE agreed to acquire the renewable operations of both Innogy and E.ON, turning it into Europes third-largest clean energy group as well as the worlds second-largest offshore wind player after Orsted (ORSTED.CO).
E.ON, meantime, acquired Innogys networks and retail activities, giving it 51.5 million clients and a regulated asset base of 33.2 billion euros ($37.10 billion) across Europe, the most on the continent.
E.ON said shares in Innogy were likely to be delisted this week following the successful squeeze-out of Innogys minority shareholders.
The final steps of the transaction, including the transfer of Innogys renewables business, gas storage and a stake in Austrias KELAG [KELAG.UL] to RWE, are expected to be implemented at the end of June.
Reporting by Christoph Steitz; Editing by Michelle Martin