* CEO says to sell more Innogy shares than expected
* Innogy listing seen in mid-October
* Pension, infrastructure funds expected to take part
* IPO leaves room for anchor shareholders
(Adds further CEO comments, ownership context)
By Christoph Steitz and Matthias Inverardi
FRANKFURT/DUESSELDORF, Sept 12 German utility
RWE plans to list more of its renewables, network and
retail business Innogy than originally planned in an initial
public offering next month after strong investor interest, its
chief executive said on Monday.
"There is considerable interest among investors," Peter
Terium, who is CEO of both RWE AG and Innogy, told Reuters after
RWE published the "intention to float" for Innogy, a step during
an IPO which usually happens about four weeks before a listing.
Germany's second-largest utility said in December it planned
to pool its renewables, network and retail assets and list 10
percent of the business through a capital increase expected to
fetch about 2 billion euros ($2.25 billion).
However, the size of the IPO will now be larger as RWE will
also sell existing shares alongside the capital increase, Terium
said, adding that no decision had been reached over how large
the secondary offering would be.
Innogy's high share of regulated business is expected to
attract infrastructure investors and pension funds, eager to buy
stable assets with guaranteed returns.
In another German power spin-off, investors put a price tag
of 3.9 billion euros ($4.4 billion) on power plant and energy
trading firm Uniper when it began trading on Monday.
This gives shareholders in former parent E.ON an
insight into the potential writedowns it faces.
Terium said RWE was seeking investors who would be buying
Innogy shares for the long-haul.
"We want both: a broad distribution of shares but also
long-term investors that can become anchor shareholders," he
Following the IPO, RWE will be Innogy's main shareholder
with a stake of 90 percent or less, depending on how many shares
it sells in addition to the capital increase.
RWE wants to remain a majority shareholder in the long-term.
($1 = 0.8909 euros)
(Editing by Harro ten Wolde and Alexander Smith)