As we went to press Innogy looked likely to accept a new bid from RWE, which values the UK company at £3.1 billion. Following Innogy’s rejection of RWE’s offer of around £2.8 billion, the two companies had continued to negotiate. The share offer at that time was £2.58. The new offer corresponds to a share price of £2.75. RWE is believed to be the only remaining serious bidder. Most other runners were ruled out by lack of funds or potential problems under competition rules. Scottish Power’s recent offer has come to nothing, and is unlikely to be renewed.

The acquisition price is believed to include Regenesys, the fuel cell based power storage technology, which at one time was valued as high as $1 billion by Credit Suisse First Boston.