EON, RWE Shares Gain As Innogy Deal Gives Germany a Champion

EON SE and RWE AG surged after their $27.1 billion bid to restructure the German energy industry and take control of Innogy SE established a national champion to cope with Angela Merkel’s move to upend once-mighty utilities. With investors from Italy and France weighing their own offers for the operator of green power plants and grid networks, EON on Sunday announced a complex deal with Innogy’s main shareholder, RWE. The transaction, first reported by Bloomberg March 10, would solidify EON and RWE as the main German electricity and gas providers and keep Innogy out of the hands of foreign utilities that have made gains in scale over their German counterparts.

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