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Utility Engie not interested in Innogy and not seeking transformative deal
March 15, 2017 / 11:28 AM / 9 months ago

Utility Engie not interested in Innogy and not seeking transformative deal

PARIS (Reuters) - Engie (ENGIE.PA) has no plans to put in place a major transformative deal and has no interest in taking a minority stake in German grids and renewables group Innogy (IGY.DE), Engie chief executive Isabelle Kocher said on Wednesday.

Isabelle Kocher, CEO of ENGIE attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich

Kocher declined to comment on a report by Bloomberg News which said Engie was weighing a bid for Innogy, in which utility RWE holds a 76.8 percent stake.

Asked whether she would be interested in taking a minority stake in Innogy, Kocher told reporters: “we have no interest”.

    “Our priority is to implement our strategic transformation plan. Our priority is not at all to realise a transformative deal,” Kocher said.

    Engie is in the second year of a three-year strategic plan to focus the group more on regulated and contracted businesses.

    These activities made up 75 percent of Engie’s business at the end of 2016, and Engie’s target is to boost that to 85 percent by 2018.

    Reporting by Geert De Clercq; Editing by Adrian Croft and Sudip Kar-Gupta

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