November 8, 2017 / 7:29 AM / a year ago

Innogy, SSE enter binding agreement on UK retail merger

FRANKFURT, Nov 8 (Reuters) - Innogy, Germany’s largest energy group by market value, said on Wednesday it had entered a binding agreement with British peer SSE to combine their British retail activities.

The companies had said a day earlier that they were in talks about such a step, which would create a challenger to British Gas as the country’s largest power supplier.

SSE will hold 65.6 percent of the new entity, which will be listed on the London stock exchange, while Innogy will hold the remaining 34.4 percent, Innogy said in a statement.

Innogy will receive a break fee of 60 million pounds ($78.93 million) if SSE does not obtain shareholder approval for the move by July 31, 2018, it said.

$1 = 0.7602 pounds Reporting by Christoph Steitz; Editing by Maria Sheahan

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