January 16, 2020 / 5:36 PM / 7 days ago

E.ON offers $2.65 billion to squeeze out remaining Innogy investors

FILE PHOTO: The logos of RWE and E.ON are seen before a joint news conference of the two German utilities after unveiling plans for an asset swap deal which will break up RWE's Innogy unit in Essen, Germany March 13, 2018. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - German energy firm E.ON (EONGn.DE) on Thursday said it would offer a total of about 2.38 billion euros ($2.65 billion/£2 billion) to buy out minority shareholders of Innogy (IGY.DE).

E.ON, which owns 90% of Innogy, is offering 42.82 euros per share for the remaining stake, which equals 55.56 million shares. Innogy will hold an extraordinary shareholder meeting on the matter on March 4, E.ON said.

E.ON acquired a majority in Innogy as part of a landmark asset swap deal with RWE (RWEG.DE), Innogy’s former parent, that has turned E.ON into one of the continent’s largest energy network and retail companies.

The offer to minority shareholders is below Innogy’s closing price on Thursday, which stood at 44.75 euros. E.ON said the bid was confirmed by a court-appointed auditor.

Reporting by Christoph Steitz; Editing by Arno Schuetze

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