The deadline has expired: E.ON is missing the squeezeout threshold when taking control of the company – E.ON stock returns | message

At the end of the extended delivery period, the company now controls 86.2% of Innogy's capital, the supplier said. E.ON should have reached at least 90% for a squeeze-out.

After the first round, which ended in early July, E.ON already held more than 82% of the shares. E.ON CFO Marc Spieker was nevertheless "very satisfied". Already with the purchase of the "majority stake of RWE, we would have received all the necessary margin to integrate Innogy into the E.ON transaction after the completion of the transaction," said the CFO. He announced that he would prepare the plan for incorporation in the coming weeks with his future colleagues.

The investment funds speculate that Spieker will once again cash the offer and complete the offer to secure the rest of the papers. But in the race he had insisted several times, not to do that.

A squeeze-out procedure, which is regulated by law, allows a major shareholder to oust the small shareholders of the corporation for a settlement. This is to prevent them from blocking or delaying major decisions of the company. Compared to a dominance agreement, which E.ON has as a regulatory tool, the "withdrawal" of the float has the advantage of being an administratively simple exercise. A dominance agreement can be concluded as soon as a shareholder controls 75 percent of a company.

E.ON investors sniffed the news. After a friendly start, the profits of E.ON stock declined more and more during the trading. Finally, the paper is transformed into a loss zone. More recently, E.ON shares rose 1.96% to 9.601 euros, while those from the original market rose 1.18% to 37.61 euros.

"For E.ON, it could now be more expensive if the supplier wants to buy out the minority shareholders," said Brsianer.

FRANKFURT (Dow Jones) / dpa-AFX

Image Sources: SE innogy, PATRIK STOLLARZ / AFP / Getty Images