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EU suspends E.on, Innogy deal review

Onshore wind farm Wiedenfelder Höhe. Image by Innogy (innogy.com).

March 26 (Renewables Now) - The European Commission (EC) has suspended its investigation into German utility E.on's (ETR:EOAN) planned takeover of certain assets from domestic peer Innogy (ETR:IGY), according to a filing published on the regulator's website on Tuesday.

The pause is related to E.on's failure to meet the deadline for submitting requested detailed information to the EC, Reuters reported citing an emailed statement by the utility. E.on will work on submitting the required information as soon as possible.

The takeover is still expected to close in the second half of 2019.

E.on is acquiring Innogy' distribution and consumer solutions business and certain electricity generation assets under a broad asset swap deal it agreed with RWE AG in March 2018. 

The EC earlier in March opened an in-depth investigation into this transaction, saying that the deal may lead to higher prices for consumers, as the proposed takeover might reduce competition in retail markets for electricity and gas in some EU member states. It is expected to announce its final decision by July 23. 

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