SSE Confident On npower Merger Despite E.ON Deal With Innogy

12th Mar 2018 15:28

LONDON (Alliance News) - SSE PLC said on Monday the purchase by E.ON of Innogy SE from German domestic rival RWE should not affect its own planned merger with npower Group PLC, which is owned by Innogy.

In November, SSE and npower announced the merger of SSE's household supply and service with that of npower, owned by innogy, which was set to create a major float on the London Stock Exchange, with the enlarged and independent business looking to take a premium listing.

However, on Monday E.ON announced an agreement with RWE in which the former would buy the latter's 76.8% stake in Innogy.

SSE said Monday one agreement of its merger with npower was approval from Innogy's supervisory board, and this, it said, included no provision related to a change of control. As a result, it does not believe the E.ON deal with RWE will affect its own merger.

SSE shares were down 1.6% on Monday at 1,237.50 pence each.

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