ESSEN/DUESSELDORF (Reuters) – Germany’s top utilities announced a multi-billion-euro revamp, with RWE (RWEG.DE) agreeing to sell control of Innogy (IGY.DE) to rival E.ON (EONGn.DE) in return for renewable assets, in the biggest overhaul of the sector since the country moved to exit nuclear power.

RWE logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen

The deal, which includes E.ON making a 5.2 billion euro ($6.4 billion) takeover offer to Innogy’s remaining owners, will effectively break up the network, renewables and retail energy firm that was carved out from RWE in 2016.

Read More At Article Source | Article Attribution