RWE

After the first bidding round ended, there are reports that RWE together with private equity firm KKR has made a non-binding offer for Uniper. The works council is alarmed and warns of a possible break-up of the group. Competition-law concerns are expected because RWE and Uniper overlap in power-plant operations and gas trading; any clearance is likely to come with conditions. Other presumed bidders include consortia around Brookfield/CPPIB, the EP Group and Equinor; the state wants to retain a blocking minority of 25 percent plus one share and also favors a possible re-IPO. » More on faz.net

According to reports, RWE has submitted a non-binding bid for state-owned gas trader Uniper together with private equity firm KKR, even though CEO Markus Krebber had signaled disinterest in August. Other interested parties include Equinor and a consortium of Brookfield and CPPIB; RWE shares fell by about one percent. The federal government is weighing a sale and an IPO, while the Uniper works council opposes a sale over fears of a breakup. The EU requires the state to reduce its stake to at most 25 percent by the end of 2028. » More on manager-magazin.de

RWE is further diversifying its business model and is increasingly focusing on offshore wind partnerships with Masdar and LNG collaborations with ADNOC. Joint offshore projects could require investments in the billions, while ADNOC is primarily targeting LNG value creation and potential supply contracts. RWE plans net investments of around €35 billion for 2026–2031 and aims for an average internal rate of return of more than 8.5%. Crucial for investors remain actual project returns, free cash flow, indebtedness and regulatory and price risks. » More on finanzen.net