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E.ON to squeeze out remaining shareholders in takeover target Innogy

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09/04/2019 | 01:10pm EDT
Germany opens first solar-powered fast car charging park with battery backup in Duisburg

FRANKFURT (Reuters) - German utility E.ON said it would seek to squeeze out minority shareholders in takeover target Innogy as soon as it secures European antitrust approval for the deal.

"This procedure, known as a merger squeeze-out, provided for in company law applicable from a shareholding of 90 percent, allows us to implement the integration plans, which have been developed together with Innogy during the last months, as swiftly as possible." E.ON said in a statement on Wednesday.

E.ON is expected to win EU antitrust approval to buy rival Innogy's network and retail assets by Sept. 20, after E.ON sweetened its concessions to address competition concerns.

The deal is part of a bigger asset swap with Innogy's parent RWE and will more than double E.ON's customers in Germany to nearly 14 million.

E.ON said the cash compensation to remaining shareholders would be determined by an audit company and subsequently be reviewed by a court-appointed auditor.

(Reporting by Ludwig Burger; Editing by Mark Potter)

By Ludwig Burger

Stocks mentioned in the article
ChangeLast1st jan.
E.ON SE -0.63% 9.018 Delayed Quote.4.53%
INNOGY SE -0.60% 44.5 Delayed Quote.9.26%
RWE AG 2.92% 28.19 Delayed Quote.48.64%
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Financials (EUR)
Sales 2019 30 522 M
EBIT 2019 3 016 M
Net income 2019 1 405 M
Debt 2019 3 954 M
Yield 2019 5,28%
P/E ratio 2019 14,0x
P/E ratio 2020 13,8x
EV / Sales2019 0,77x
EV / Sales2020 0,46x
Capitalization 19 543 M
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Average target price 9,57  €
Last Close Price 9,05  €
Spread / Highest target 43,6%
Spread / Average Target 5,72%
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Johannes Teyssen Chairman-Management Board & CEO
Karl-Ludwig Kley Chairman-Supervisory Board
Karsten Wildberger Chief Operating Officer-Commercial
Marc Spieker Chief Financial Officer
Ulrich Lehner Deputy Chairman-Supervisory Board
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