Eon to secure 82pc of Innogy

Essen: German electrical energy concern Eon will hold 82.3 per cent of Innogy after securing an additional 5.5 per cent of the shares of the RWE renewables and grid subsidiary, the company announced at its Essen headquarters. The increase came as a result of shareholders accepting a takeover offer which sees Eon offering minority shareholders 38.40 euros ($45) per share.
In March, Eon and rival RWE agreed on a restructuring that will result in Eon focussing exclusively on the distribution grid and end-users, while RWE will become purely an electricity generator from conventional and renewable sources. — dpa