E.On transfers €11.5bn of Innogy bonds to avoid unequal rights after takeover

EOn E.On HQ from co for use 26Nov20 575x375
By Jon Hay
26 Nov 2020

E.On has completed the largest liability management exercise ever in Germany, shifting about €11.5bn of bonds issued by Innogy, which it has taken over, to its own balance sheet.

In a complex deal announced in March 2018, E.On and RWE, two of Germany’s leading power companies, have divided up the assets of Innogy, which had been part of RWE before its spin-off in 2017.

The reorganisation has turned E.On into mainly a distribution company and RWE ...

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