December 17, 2018 / 7:18 AM / a month ago

SSE scraps UK retail tie-up with Innogy

Dec 17 (Reuters) - British energy supplier SSE Plc said on Monday it would not proceed with a tie-up with Innogy SE that would have created the UK’s No. 2 retail power provider, saying the deal was not in the best interests of its shareholders or customers.

“The Board has ... decided that other options for SSE Energy Services should now be considered, including a standalone demerger and listing on either the premium or the standard listing segment of the Official List, a sale or an alternative transaction,” SSE said in a statement.

SSE, which had warned the deal for the tie-up of its retail unit with Innogy’s Npower would be delayed to beyond the first quarter of next year, said the firms had not been able to agree on revised merger terms after Britain’s regulator proposed a cap on energy bills. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sai Sachin Ravikumar)

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