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Exchange in billions: RWE: innogy transfer completed by the end of June – RWE and E.ON shares win | message

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The final chord of the transaction will follow on Tuesday, June 30, says CEO Rolf Martin Schmitz, according to the previously published speech to the general meeting. Then employees and plants from the former innogy subsidiary come back to RWE, including wind and solar plants, hydropower, biomass, biogas and gas storage.

“Innogy’s stake in the Austrian energy supplier Kelag also belongs to RWE, and with its hydropower activities it perfectly complements the portfolio of the new RWE,” said Schmitz. “Then our team is finally complete. Everything is prepared.”

With the deal sealed two years ago, which the EU Commission released in September, both DAX companies wanted to clean up their market areas. RWE focuses above all on electricity production and wholesale, E.ON on electricity and gas distribution and retail. When the breakup occurred, RWE initially transferred the innogy subsidiary to E.ON. The second step of retransferring the split assets was still pending. The Annual General Meeting on June 26 (from 10 a.m.) will take place digitally for the first time this year due to the corona crisis.

While RWE’s shares in XETRA trading were up 0.29 percent on Friday at EUR 31.07, E.ON papers gained 1.96 percent to EUR 10.16.

DJG / pso / sha

BERLIN (Dow Jones)

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Image sources: innogy SE, Patrik Stollarz / AFP / Getty Images



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