RWE’s Innogy Makes a Grand Entrance
We are raising our fair value estimate for no-moat RWE to EUR 18.50 per share from EUR 18 per share after Innogy priced at EUR 36 per share, the high end of management’s target range. The share offer raised EUR 3 billion of cash for RWE, the maximum possible based on the transaction terms.The difference between our EUR 35 per share expected issue price for Innogy and the EUR 36 per share actual issue price represents about EUR 500 million of additional equity value for RWE and led us to raise o...
RWE is an electricity and gas company. The Conventional Power Generation segment consists of the activities of RWE Power, Essent and RWE npower. The Supply/Distribution Networks Germany segment supplies electricity, gas and heat. The Supply Netherlands/Belgium segment comprises the activities of Essent in the Netherlands. The Supply United Kingdom segment comprises the operations of RWE npower. The Central Eastern and South Eastern European segment contains activities in the Czech Republic, Hungary, Poland, Slovakia, Turkey and Croatia. The Renewables, Upstream Gas & Oil and Trading/Gas Midstream segments include the activities of RWE Innogy, RWE Dea and RWE Supply & Trading, respectively.
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