March 14, 2019 / 6:30 AM / 5 months ago

Hard Brexit could delay Innogy breakup: RWE CEO

FILE PHOTO: German utility RWE CEO Rolf Martin Schmitz attends a labour protest of employees of RWE and German coal mining company RAG in Elsdorf, Germany, October 24, 2018. REUTERS/Wolfgang Rattay

FRANKFURT/ESSEN, Germany (Reuters) - E.ON’s planned acquisition of the retail and network activities of RWE subsidiary Innogy could take longer should Britain leave the European Union without a deal, RWE’s chief executive said on Thursday.

“A hard Brexit may cause delays, but I’m confident that we will stay on track,” Rolf Martin Schmitz said in the company’s annual report.

The complex transaction, which effectively splits up Innogy between E.ON and RWE, is planned to be completed by the end of the year.

Reporting by Christoph Steitz and Tom Kaeckenhoff; Editing by Riham Alkousaa

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