April 26, 2018 / 8:14 AM / in a year

RWE boss says Innogy break up deal best option for group

RWE CEO Rolf Martin Schmitz attends the annual shareholders meeting of German power supplier RWE in Essen, Germany, April 26, 2018. REUTERS/Thilo Schmuelgen

ESSEN, Germany (Reuters) - Breaking up its Innogy (IGY.DE) unit is the best strategic option for parent RWE (RWEG.DE), the German utility’s chief executive told shareholders on Thursday in a bid to win their support for the landmark transaction with rival E.ON (EONGn.DE).

RWE and E.ON last month unveiled plans to break up and divide the assets of renewables, networks and retail unit Innogy, in which RWE holds a 76.8 percent stake following an equity carve-out in 2016.

“Divesting the whole package is the best option for RWE,” RWE CEO Rolf Martin Schmitz said at the group’s annual general meeting.

Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Edward Taylor

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