Engie CEO shares Innogy idea with French govt - report

The CEO of French energy group Engie SA (EPA:ENGI) has discussed with the new French government the idea of an alliance with Innogy SE (ETR:IGY) of Germany, according a La Lettre de l’Expansion report.

Isabelle Kocher, which took the helm at Engie a little bit more than a year ago, has been leading the transformation of the utility towards clean energy and innovative solutions.

In March Bloomberg reported that Engie was considering making a takeover bid for Innogy, the listed renewables, grids and retail operations subsidiary of Germany's RWE AG (ETR:RWE). Reuters said in May, citing sources, that a transaction in which the German group would exchange its majority stake in Innogy for a piece in the French counterpart was being discussed.

Innogy was spun off from RWE and completed an initial public offering (IPO) in October 2016. It had 3.7 GW of renewable energy capacity at the end of 2016.

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