March 13, 2018 / 8:21 AM / in 11 days

E.ON to submit $6.4 billion Innogy bid in second quarter - RWE CFO

ESSEN, Germany (Reuters) - E.ON (EONGn.DE) will submit a 5.2 billion euro (4.62 billion pounds) voluntary public takeover offer for minority shareholders in Innogy (IGY.DE) in the second quarter of 2018, RWE (RWEG.DE) Chief Financial Officer Markus Krebber said in a speech.

REFILE CORRECTING IDENTITY - RWE AG CEO Johannes Teyssen arrives for a joint news conference of utilities E.On and RWE 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

    “This offer will be made as soon as the German financial services regulator, BaFin, has given clearance for the offer document. This is expected to occur in the second quarter of 2018,” Krebber said at a joint news conference of RWE and E.ON.

    E.ON and RWE earlier this week agreed a far-reaching deal that will effectively break up RWE’s energy networks and retail arm, Innogy, and divide its assets between them.

    Reporting by Christoph Steitz and Vera Eckert; Editing by Maria Sheahan

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