Innogy stalls on E.ON deal with RWE over fairness doubts

Innogy is holding off supporting a 4.9-billion-euro bid by German rival E.ON, arguing it was not clear if the far-reaching asset swap with its parent RWE was fair for workers or minority shareholders. “Irrespective of the offer price, we are extremely concerned that the job cuts planned by E.ON will be unilaterally pursued to the disadvantage of the Innogy employees,” Innogy Chief Executive Uwe Tigges said. E.ON and RWE, which holds a 76.8 percent stake in Innogy, revealed plans to break up the networks and renewables business and divide its assets in March.

Read the Reuters article in English here.

Find the Innogy press release in English here.

For background, read the CLEW article RWE and E.ON overhaul power sector - German reactions to innogy deal.