April 27, 2018 / 3:21 PM / a year ago

E.ON to squeeze out Innogy minorities if offer successful: CFO

Press materials of E.ON and RWE are pictured on a desk before a joint news conference of the two German utilities after unveiling plans for an asset swap deal which will break up RWE's Innogy unit in Essen, Germany March 13, 2018. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - German utility E.ON (EONGn.DE) is planning to squeeze out minority shareholders if its takeover offer for peer Innogy (IGY.DE) is successful, Chief Financial Officer Marc Spieker told Reuters.

E.ON earlier on Friday published a 5.2 billion euro ($6.28 billion) takeover offer for a minority stake in German energy group Innogy (IGY.DE). It had already agreed to buy a 77 percent Innogy stake as part of a plan to break up the RWE (RWEG.DE) subsidiary.

The proposed transaction comes just two years after RWE spun off its renewable, retail and network operations to form Innogy.

While E.ON is hoping to attract large interest for its offer, it will not hike its offer to sweeten the deal, Spieker said.

“With the Innogy shares from RWE we already have what we need for our plans,” he added.

Reporting by Tom Käckenhoff; Writing by Arno Schuetze; Editing by Tom Sims

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