RWE submits E.ON-innogy renewables deal for EU clearance
Clean Energy Wire
German energy company RWE has filed the planned acquisition of the renewables businesses of E.ON and innogy with the European Commission, passing a “major milestone” in the transaction between RWE and E.ON, said RWE in a press release. The filing is the first step of a diverse merger control procedure, which is necessary due to the substantial asset swap RWE and E.ON announced in March 2018, said RWE. E.ON plans to take over RWE’s innogy, followed by a series of asset swaps that will leave E.ON focused on regulated energy networks and retail customers, and RWE as a leading European energy producer that will own the renewables assets of both E.ON and innogy. RWE said it will file additional parts of the deal in the UK and the US in the first half of 2019, with the plan to complete the transaction in the second half of the year.