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E.ON set to win EU approval for Innogy deal

German electric utility giant E.ON is expected to win EU antitrust approval to buy rival Innogy’s network and retail assets, sources have told international news wire Reuters. 

The deal is set to transform the German company into a major player in the European energy market, the report notes.

E.ON last month offered to sell part of its retail business in Hungary, as well as Innogy’s retail power and gas business in the Czech Republic with 1.6 million customers, after the European Commission voiced concerns that the deal may reduce competition.

E.ON subsequently improved its proposal for all three countries after the European Commission received feedback from rivals and customers, one of the sources said. The EU competition enforcer did not seek comments about the tweaks, an indication that it was likely to accept them, the source said, without providing details.

Both the Commission, which is scheduled to decide on the deal by September 20, and Innogy declined to comment, Reuters said.