FRANKFURT, Sept 22 The initial public offering
of German utility RWE's renewables, network and retail
business Innogy could be worth up to 5 billion euros ($5.6
billion), according to financial terms disclosed on Thursday.
Innogy will issue 55.6 million new shares while parent RWE
will put up as many as 83.3 million existing shares for sale at
a price of between 32 and 36 euros apiece, the utility said in a
statement late on Thursday.
As part of the offering, RWE has already pledged to sell 940
million euros worth of its shares in Innogy to U.S. asset
manager BlackRock Inc, it said in the statement.
($1 = 0.8925 euros)
(Reporting by Ludwig Burger; Editing by Susan Fenton)