E.ON: to launch innogy merger squeeze out
(CercleFinance.com) - E.
ON plans to squeeze out minority shareholders in innogy, in a move designed to fully integrate the energy company into the group, the German utility said late on Wednesday.
The procedure will be implemented by way of a merger of innogy into E.ON, immediately after the European Commission approves the acquisition of the innogy shares held by RWE and by other shareholders, the company said.
E.ON will first obtain nearly 76.8% of all shares in innogy from RWE. Upon completion of the voluntary public takeover offer, E.ON will then receive another part of the shares - just exceeding 9.4% of its capital.
Together with the nearly 3.8% of shares in innogy acquired via the stock market in the meantime, E.ON will hold a total of 90% of innogy's shares, therefore meeting the necessary requirements for a squeeze-out.
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