November 15, 2017 / 9:05 AM / a year ago

Innogy to exit British retail JV with SSE in long-term - CEO

DUESSELDORF, Nov 15 (Reuters) - German energy group Innogy will at some point pull out of the planned British retail supply joint venture with SSE, its chief executive said.

Last week, the two groups announced plans to merge and list their British retail units to better compete with smaller rivals and reap badly-need synergies in a market with razor-thin margins.

Innogy will hold a 34.4 percent stake in the combined entity, with SSE to own the rest, but Innogy Chief Executive Peter Terium this structure would not last forever.

“No, we will not hold on to it in the long-term,” Terium told journalists late on Tuesday, adding this did not mean that the company would sell its stake soon. (Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Georgina Prodhan)

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