Following the completion of a voluntary public takeover offer, the German energy group E.ON will own a further 9.4% of RWE's subsidiary Innogy on top of the 76.8% it already owns. Subject to receipt of official approvals, the transaction is not expected to be completed before mid-2019.
Earlier in July 2018, Innogy reached legally binding cooperation agreements with E.ON and RWE as part of the takeover bid launched by E.ON in April 2018, according to which Innogy’s renewables and gas storage business would be transferred to RWE, while E.ON would acquire a 76.8% stake in Innogy's remaining assets. After the deal, E.ON will focus on networks and retail activities, while RWE will focus on renewable and conventional power generation. E.ON will acquire 76.8% of Innogy and in turn, RWE will receive a 16.67% participation in E.ON and will take control of E.ON's entire renewable energies business, once E.ON has gained control over Innogy.
Innogy's subsidiary of RWE was set up in 2016 by splitting the renewable power generation, gas and power network and retail businesses into a separate entity.
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