EON’s Innogy Deal Gets Longer EU Probe on Competition Fears (1)

EON SE faces an extended European Union probe into its planned takeover of Innogy SE as regulators said it may reduce competition for gas and electricity in Germany and beyond.

The European Commission pushed out the deadline to rule on the deal until July 23, it said in an emailed press release. The transaction is part of a complex asset swap agreed with RWE AG on in March 2018 that would make EON the dominant grid operator in Germany, Europe’s biggest power market. Other parts of the broader transaction have already won regulatory approval.

The regulators said an initial investigation ...