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E.ON: Oddo upgrades to buy after EU authorisation

( - The European Commission has authorized E.
ON's takeover of Innogy's distribution and consumer solutions business, as well as some of its electricity generating assets. This authorisation will require E.ON to fully comply with a series of commitments that it has proposed in return.

Oddo believes that the group's future growth outlook is improving. Following this announcement, the broker has upgraded its rating on the share to Buy, with a target price of 10.60 euros.

Analysts say that this operation aims to strengthen E.ON's position on the grid and supply of energy, while RWE is aiming for a specialisation upstream in the value chain in the power generation business.

Oddo says that the implementation of the operation confirms target synergies of between 600 million and 800 million euros.

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