German energy giant EON to buy RWE subsidiary Innogy

German energy giant EON plans to take over Innogy, the renewables subsidiary of competitor RWE, in a complex deal valued at around 20 billion euros ($25 billion), both companies said Sunday. The in-principle agreement involving asset swaps is part of a major restructuring of Germany's energy market as Europe's top economy switches from conventional to renewable power. The aim is for EON to focus on the retail, energy networks and customer solutions business, while RWE would take over the renewables power generation of both companies.

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