German energy company E.ON has completed the voluntary public takeover offer to innogy minority shareholders.
Image: Headquarters of E.ON Ruhrgas in Essen. Photo: Courtesy of Wiki05/Wikipedia.org
At the end of the additional acceptance period on July 25, 2018, 9.4% of shareholders decided to sell their innogy shares to E.ON. Including RWE’s 76.8% stake in innogy, E.ON will hold 86.2% of the innogy shares upon completion of the transaction, subject to receipt of official approvals. E.ON therefore does not expect completion before mid-209.
E.ON chief financial officer Marc Spieker said: “We are very satisfied with the result. The agreed acquisition of RWE’s majority stake will already provide us with the necessary means to integrate innogy into E.ON once the transaction has been completed. We are very pleased that we were able to convince many additional innogy shareholders of our offer.”
Spieker also pointed out that, as expected, some funds could not tender their shares due to internal restrictions, for example index-linked funds that contain innogy shares.
With the successful result of the voluntary public takeover offer, E.ON now intends to take the next steps towards implementation of the transaction.
Spieker said: “We are very pleased that we will soon be able to prepare the integration planning together with colleagues from innogy.”
Mid July, E.ON signed an agreement with innogy to cooperate on the planned integration.
Spieker continued: “We want to and will work openly, transparently and fairly with innogy to create together a new E.ON that is fully customer-oriented with intelligent networks and innovative customer solutions. On the one hand, we will continue to leverage the synergy potential of €600 to €800 million and on the other hand, we will tap growth potential for the new E.ON.”
Source: Company Press Release