E.ON-Innogy Will be Called E.ON
German utility E.ON said November 12 it has taken the first major decisions for how the company will operate, once its multi-billion-euro acquisition of smaller rival Innogy, announced in March, is completed.
The new company will retain the name E.ON. The structures of the German E.ON regional suppliers and the German Innogy regional companies are to be retained, said E.ON.
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E.ON said the new company will make an important contribution to the success of the energy transition and to climate protection in Europe, a core aspect of Innogy, so intends to establish an innovation team at corporate headquarters that reports to the CEO. It would also be “resolutely customer-centric,” said CEO Johannes Teyssen.
E.ON said its transaction continues to be subject to the approval of the relevant antitrust and regulatory authorities, and that it and Innogy will remain independent until the deal closes.
Innogy today is majority-owned by RWE and the latter will retain some parts of Innogy. Last week Innogy indicated a delay in its planned UK retail merger with SSE.