E.ON not striving to be national champion says CEO after major deal
The major asset swap between two German energy powerhouses is a European solution rather than a German one, the CEO of E.ON said Tuesday.
The deal between RWE and E.ON has lifted European stocks this week, as the two behemoths restructured their firms to adjust to the current political climate. Speaking to CNBC on Tuesday, E.ON CEO Johannes Teyssen was keen to stress that the deal would, in his eyes, be in the interests of Europe as a whole.
“We are on eye-to-eye level with big European competitors in all countries across Europe, and we don’t strive to be a national champion,” he said. “We got a lot of support from politicians and unionists and others across Europe and other markets,” he added. “Reducing this deal to a ‘German deal’ is just missing the point. This is a European deal, of European companies, in the interests of European customers and European employees.”
Under the terms of the deal, which was announced on Sunday and has been agreed in principle, RWE will sell its 76.8 percent stake in its green energy spin-off Innogy to E.ON. In turn, RWE will take on the renewables businesses of both E.ON and Innogy. E.ON will be left with the retail assets and will also become Europe’s largest operator of electricity grids.