Innogy, the UK's largest electricity supplier today announced that it had accepted a 275p-a-share offer from RWE, the German multi-utility. The move will leave more than half the UK power industry in foreign ownership.
UK electricity generator and retailer Innogy announced on Monday that it is to swap its interest in Yorkshire electricity distribution business and associated debt for Northern Electric's energy supply business. Northern Electric, the Newcastle-upon-Tyne based power and gas business, will pay £5 million ($7.15 million) to Innogy, subject to adjustments, for the interests which were part of the recent acquisition of Yorkshire Power Group.
A court action by UK utility Innogy to have TXU Europe wound up over an energy trading dispute was settled yesterday. London's High Court agreed to dismiss Innogy's petition after the companies reached the deal but neither firm would give details of the settlement.
Speculation has mounted this week concerning the possibility of a take-over of UK utility Innogy by German power group RWE. Sources close to both sides indicated that talks were continuing although price still separates the sides.