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Innogy reportedly draws interest from E.on, Macquarie

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

February 27 (Renewables Now) - German energy group E.on SE (ETR:EOAN) and Australia’s Macquarie Group Ltd (ASX:MQG) may be viewing Innogy (ETR:IGY) as an acquisition target, according to a Tuesday report by Boersen-Zeitung.

The daily newspaper said that E.on could be considering the purchase of certain parts of Innogy, which houses the renewable energy, grids and retail operations of RWE AG (ETR:RWE) and is 77%-owned by the utility. The problem with such a transaction would be the expected opposition by municipalities in the Ruhr region, the report says.

A company spokeswoman was quoted as saying that Innogy’s supervisory board will not be considering a sale of the company at the upcoming meeting scheduled for March 6.

In December, Innogy warned that its adjusted earnings before interest tax, depreciation and amortisation (EBITDA) and adjusted EBIT in 2017 would be lower than previously expected. A few days later CEO Peter Terium resigned.

The company's annual report will be published on March 12, 2018.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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