EU Commission gives RWE clearance for acquisition of E.ON and innogy renewables operations

The European Commission has approved the acquisition of the renewables operations of E.ON and innogy by RWE without any conditions. The company had filed the transaction with the Commission for review in the middle of January 2019. The German Federal Cartel Office has also approved RWE’s acquisition of a 16.7% interest in E.ON. This was preceded by extensive preliminary reviews by the Commission and the German Federal Cartel Office in order to obtain a precise picture of the effects of the transaction with E.ON on competition.

The transaction with E.ON will involve RWE acquiring the renewable energy businesses of E.ON and innogy. Added to this are E.ON’s minority interests in the Emsland and Gundremmingen nuclear power stations operated by RWE, innogy’s gas storage business and its stake in the Austrian power utility Kelag. In addition, RWE will acquire a 16.7% equity interest in E.ON. Furthermore, the acquisition of the US assets will be submitted to the US anti-trust authorities in the near future.

RWE intends to complete the transaction in the second half of 2019.