August 11, 2017 / 9:15 AM / 4 months ago

Innogy CEO talks down European utility M&A prospects

FRANKFURT (Reuters) - The chief executive of Innogy, Germany’s largest energy group, on Friday dismissed talk of new, large-scale consolidation in the European utility sector, saying recent media reports about the matter were fueled by fee-hungry banks.

Peter Terium, chief executive of German ecological power supplier Innogy SE addresses the company's annual general shareholders meeting in Essen, Germany, April 24, 2017. REUTERS/Wolfgang Rattay

“There is more being written about it than there is substance to it,” Peter Terium said, responding to reports that parent RWE was in talks with France’s Engie about selling its 76.8 percent stake in Innogy.

“Of course, there are numerous banks out there that want to advise because it is in their interest and because they want to cash in on fees. There is no commercial basis for any of this.”

Reporting by Christoph Steitz; Editing by Victoria Bryan

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