German energy company RWE has reached a preliminary agreement on the sale of its controlling stake in Innogy to German utility E.On, RWE announced on Sunday. Chief executive Peter Terium resigned late past year in the wake of a profit warning leaving Uwe Tigges as interim CEO.
The deal requires the approval of the board of directors at Eon and RWE.
Germany's cartel office said it was too early to comment on possible hurdles in the planned asset swap deal.
The total would still be small in operating terms compared to the giants of southern Europe, who were quicker off the mark in building large-scale worldwide renewables fleets than their German counterparts.
Innogy and E.ON have large overlapping retail businesses in Germany and Britain.
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The price for the company's stake in Innogy would be Euro 40 per share, including Euro 3.24 of dividends for 2017 and 2018, which RWE would still receive until the transaction is closed.
RWE would receive the Innogy renewables and gas storage business and Innogy's stakes in the Austrian energy supplier Kelag AG. "Through this transaction E.ON would become a focused customer-oriented energy company concentrating on energy networks and customer solutions".
If approved, the deal would spell the end for Innogy as a standalone company.
Germany's biggest power producer RWE spun-off innogy in 2016, but still holds a majority stake in the company focusing on renewables, retail, power distribution and other new energy areas like electric mobility.
Innogy, in turmoil since former Chief Executive Peter Terium resigned in December, on Monday said controllable costs would be slashed by about 400 million euros ($499 million) through the end of 2020.