March 13, 2018 / 8:14 AM / 6 days ago

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 ($6.4 billion) 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.

“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.

    ($1 = 0.8116 euros)

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

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