The Portuguese government has rejected E.ON’s bid for the available 21.35 % stake in EDP. E.ON had submitted what it considered a strong proposal with a fair price, based on an in-depth valuation of the offered stake.

Johannes Teyssen, chairman of the management board of E.ON AG said: “The acquisition of a minority stake in EDP would have been good for E.ON and EDP. However, we were not in a position to offer more than what we can justify as an appropriate and value creating investment. This is in the interest of our shareholders as well as of our internal and external stakeholders.”

E.ON will now continue to focus on delivering its strategy by putting emphasis on the profitability of its existing businesses and by investing into new businesses and selected growth markets, in particular, clean energy. In line with this strategy, the group will invest EUR 7 billion over the next five years into renewables energy, including three large offshore wind farms in the North Sea and the Baltic Sea.