May 14, 2018 / 8:32 AM / in a year

Innogy can launch sales process for stake in Czech grid business

FRANKFURT, May 14 (Reuters) - Innogy can launch a structured sales process for its stake in a Czech gas networks unit, Chief Executive Uwe Tigges told journalists on Monday, following remarks by E.ON which said it will eventually own the asset.

E.ON has agreed to take over rival RWE’s 76.8 percent stake in Innogy, and has launched a bid for the remaining stake, seeking to integrate the whole company, including its Czech gas business.

Several bidders have lined up for the asset, most notably co-owner Macquarie as well as Czech investment group KKCG, which last week said it had submitted a bid to buy all local assets owned by Innogy.

E.ON in late April said that Innogy’s parent RWE would offer to buy Innogy’s stake in Czech Innogy Grid Holding, which E.ON would then have an option to buy. (Reporting by Christoph Steitz Editing by Ludwig Burger)

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