RWE’s Innogy subject to Iberdrola takeover speculation

Innogy, which is 76.8 per cent owned by top German utility RWE, saw its share price rise 2 per cent on Thursday, amid speculation of a takeover by Spain’s Iberdrola.

Spanish newspaper Expansion broke the news of Iberdrola interest in the renewables, network and retail business hived off by RWE in April of last year.
An Iberdrola spokesman said the company does not comment on rumours and sticks to the official investment plan, with the United States as one of the priorities.

Iberdrola is working investment bank Morgan Stanley to study M&A opportunities in Europe, including a deal with Innogy, sources familiar with the matter already told Reuters in July.

Innogy has also been linked in a potential share swap between France’s Engie and RWE.

Innogy CEO Peter Terium has repeatedly said that no deal was in the making and that talk of a big M&A wave among power firms in Europe had “no commercial basis”.

Engie considers shock move to purchase $19.8bn Innogy

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