
GERMAN-WIND-ENERGY-FEATURE
European stocks were mostly higher on Monday as strong U.S. jobs report stoked optimism about global growth and German utilities E.ON and RWE announced they are planning a major asset swap involving RWE subsidiary Innogy.
They come just two years after RWE spun off renewable, retail and network operations to form Innogy and E.ON split off some of its business to create Uniper. "The sale will be performed via a wide-ranging exchange of business activities and participations".
The agreement, subject to shareholder approval, would also see RWE pay Eon €1.5bn in cash Eon to make a buy offer to Innogy shareholders.
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All but three stocks closed lower on the Nifty 50 index, with Bharti Airtel Ltd and ITC Ltd among the top percentage gainers. Meanwhile, the broad based NSE Nifty went up by 194.55 or 1.90% at 10,421.40 with 44 components posting rise.
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RWE would, in turn, gain an effective participation of 16.67 per cent in EON. Shares of GKN PLC rose almost 2% after Melrose increased its offer for the company to almost $11.24 billion.
The in-principle agreement involving huge asset swaps is part of a major restructuring of Germany's energy market as Europe's powerhouse switches from conventional to renewable power.
Boards of both companies still need to approve the transaction. Today it reported 2017 results, saying its adjusted net profit grew by 9% to more than Euro 1.22 billion. Uwe Tigges, chief executive officer at innogy, said it would be commenting on announcements from RWE and E.On "in due course". The company, which has a large onshore and offshore wind portfolio, expects an adjusted net income of over Euro 1.1 billion in 2018.
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