E.ON said it would pay €2.38 billion ($2.65 billion) for the remaining 10 percent stake in Innogy, a German energy company, in a move that would make E.ON the sole shareholder in the company, according to The New York Times.
The company is offering €42.82 ($47.70) per share for the remaining stake, which is composed of 55.56 million shares. The offer is below Innogy’s closing price of €44.75 ($49.80).
The bid was confirmed by a court-appointed auditor, E.ON told The Times.
Last year, E.ON bought out RWE’s entire stake of 76.8 percent in Innogy, which was valued at €40 ($44.50) per share, according to RWE.