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    Restructuring a Utility: RWE's Carve-out of innogy

    Reichelstein, S ; Comello, S ; Bebb, D

    • Reference: SGSB-SM278-E

    • Year: 2017

    • Number of pages: 15

    • Geographic Setting: Germany

    • Publication Date: Dec 12, 2017

    • Source: Stanford Graduate School of Business (USA)

    • Type of Document: Case

    • Industry Setting: utility; energy

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    Description

    In 2016, the German utility RWE undertook a carve-out in which substantial parts of the company’s assets and liabilities were offered to the general public as part of an IPO. The case describes the developments in the German energy landscape that led RWE to this unusual move. The case also examines how investors responded to this carve-out in terms of the valuations attached to RWE and the new subsidiary.

    Keywords

    clean energy transition corporate reorganization Energy stranded assets utility business mode