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E.ON closed 43bn Innogy Takeover2019/09/18
Conditional EU Approval received yesterday - E.ON now owns >90% of listed renewable energy and power distribution company Innogy after it acquired the 76.8% controlling stake of its former German competitor RWE in a deal announced on 10 Mar 2018. RWE spun-off Innogy in an IPO on 7 Oct 2016, at 36 per share. A further 9.4% of Innogy shares were tendered at 36.76 in a public tender ended on 25 Jul 2018. E.ON will hold >90% of Innogy post closing of the public tender which is expected for next week and take Innogy private to split it up with its new strategic shareholder RWE who now owns 16.7% of E.ON and is its largest shareholder. RWE and E.ON will cease to be competitors as they split its business along the value chain. E.ON will be a pure play energy distribution company and RWE will become one of the largest European renewable energy companies and focus on energy generation. It will terminate its nuclear business and just recently withdrew plans to build new coal power plants. EU Commissioner Margethe Vestager: "Today, we can approve the acquisition of Innogy by E.ON because the commitments offered by E.ON will ensure that the merger will not lead to less choice and higher prices in the countries where these companies operate." Innogy is now trading at 45 per share, >20% higher than its takeover price. The market cap of Innogy is 25bn compared with a market cap for E.ON of <20bn. The performance of E.ON since announcement in Mar 2017 was virtually flat and is still substantially lower that before the start of the big restructuring process announced almost four years ago.
Siemens Gamesa enters into exclusive negotiations to takeover major parts of insolvent Senvion (Repower)2019/09/16
Creditors agreed to exclusivity and insolvency plan - Senvion announced this mornining that it "enters into non-binding exclusivity agreement with Siemens Gamesa for the sale of selected Services and Onshore assets in Europe." Repower's famous off-shore turbines are apparently not part of the discussions. Senvion explores other options for the remaining parts of its business. The creditors have approved the insolvency plan last week. Senvion shares trade 11% lower at 9 -Cents but it is unlikely that shareholders will keep any value in the insolvency proceedings.
German Turbine Manufacturer Senvion (also know as Repower AG) likely to be split-up 2019/09/11
No results from creditor meeting yesterday - Senvion who is under self administration in a German insolvency restructuring process similar to chapter 11) had a creditor meeting yesterday yesterday afternoon to discuss M&A offers received by the end of last month. Potential acquirors submitted partial bids which may lead to severe cuts in the 4,300 people strong workforce of Senvion.
DIF Infrastruture V acquires 50MW Cerro Grande wind farm with 20 yrs PPA in Uruguay2019/09/10
22 Enercon turbines in operations since Jan 2018 - Enercon and eab New Energy will sell 100% of the shares of Ladaner S.A. who owns the 50MW wind farm in the eastern part of Uruguay for an undisclosed price. The PPA for 20 years is with the incumbent Operator UTE. Closing is expected to take place before yearend.
Siemens to raise 3bn debt financing at zero cost2019/09/06
-0.315% to +0.55% - Siemens raised a total of 3bn with four tranches over 2, 5, 10 and 15 years (Sep 2021 until 2034) at virtually zero cost. The 1bn 2021 bond was issued at minus 0.315% p.a., the lowest issue terms of any corporate bond todate. The e500mn 2024 bond was issued at minus 0.207%. The 10 yrs bond was issued at 0.179% p.a., still almost zero cost, and the 15 yrs bond was issued at 0.55% p.a. According to Bloomberg data outstanding corporate debt offering negative interest rates total 830bn.