April 24, 2018 / 8:44 AM / a year ago

Innogy sees open questions in planned RWE/E.ON asset swap

FILE PHOTO - Uwe Tigges, chief executive officer of German ecological power supplier Innogy SE, attends the company's annual general shareholders meeting in Essen, Germany April 24, 2018. REUTERS/Wolfgang Rattay

ESSEN, Germany (Reuters) - Innogy (IGY.DE) sees numerous unresolved questions in the planned asset swap between parent RWE (RWEG.DE) and rival E.ON (EONGn.DE) that will lead to a break up of the German energy group, its chief executive said on Tuesday.

Last month, RWE and E.ON announced the landmark deal to split up Innogy’s assets between them and turn RWE into a renewables champion, while E.ON will become Europe’s largest operator of power and gas grids.

“Most of the details, however, remain open,” Innogy Chief Executive Uwe Tigges told shareholders at the group’s annual general meeting.

“The fact is that, as it stands today, Innogy is an economically independent and strong energy company,” he said. “And that is how it will remain until such time as the transaction has been concluded.”

Reporting by Christoph Steitz and Tom Kaeckenhoff; Editing by Tom Sims

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