November 14, 2018 / 8:54 AM / a month ago

E.ON has no strategic interest in SSE/Innogy joint venture

FILE PHOTO: Electric car is charged at the charging station at the front of the German utility E.ON headquarters in Essen, Germany, May 9, 2018. REUTERS/Wolfgang Rattay/File Photo

FRANKFURT (Reuters) - E.ON (EONGn.DE) will have no strategic interest in a minority stake in a British retail joint venture it may end up owning as part of a deal to acquire the customer assets of rival Innogy (IGY.DE), its chief financial officer said.

Innogy (IGY.DE) and SSE (SSE.L) are currently renegotiating terms to combine their British retail assets into a joint venture in which Innogy would hold a 34.4 percent stake.

That stake would be transferred to E.ON once it acquires Innogy’s network and retail assets next year as part of a breakup deal unveiled in March.

“We would have no strategic interest in holding on to that stake,” E.ON CFO Marc Spieker told journalists after the group published nine-month results.

Reporting by Christoph Steitz; Editing by Maria Sheahan

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