The European Commission has given the green light for the takeover of energy provider Innogy by industry partner E.ON. The latter must sell a number of parts. The Dutch company Essent is owned by Innogy, which in turn is still part of the German energy company RWE.
That is what European Commissioner Margrethe Vestager (Competition) announced on Tuesday.
E.ON will fully withdraw from the Czech gas and electricity market. In Germany and Hungary, the company is also selling a number of components, but it remains active.
"The commitments offered by E.ON ensure that the merger does not lead to less choice and higher prices in the countries where these two companies operate," said Vestager.
At the beginning of 2018, the companies announced that an agreement in principle had been reached. In addition to the acquisition of Innogy by E.ON, other assets and shares are also exchanged between the companies.
This way RWE retains the renewable energy branch of Innogy and also gets the E.ON division that deals with this. Furthermore, RWE acquires an interest of just under 17 percent in E.ON, the minority interest that E.ON had in two nuclear power plants, the gas storage branch of Innogy and Innogy's interest in an Austrian energy provider.