German energy company RWE has reached a preliminary agreement on the sale of its controlling stake in Innogy to German utility E.On, RWE announced on Sunday.
The deal will transform E.On into Europe’s largest electricity retailer and grid operator, while RWE will become Europe’s second-largest producer of renewable energy.
Under the deal, RWE will first sell its 76.8% stake in Innogy to E.On and will receive a 16.67% stake in E.On in exchange. In the second stage, RWE will take over...
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