Analysts are struggling to grasp the economic rationale behind a potential tie-up between France’s Engie and RWE’s renewables-focused subsidiary Innogy.
Reuters reported the potential deal last week, which could see the German company swapping part or all of Innogy for a minority stake in the French energy giant. HSBC analyst Adam Dickens said in a note that he saw little economic logic in RWE becoming a minority player in Engie, but said a deal made for political reasons could not be ruled out.
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