Restructuring a utility : RWE's carve-out of innogy

Reichelstein, Stefan ; Bebb, Donna ; Comello, Stephen

Document Type: Report
Year of publication: 2017
The title of a journal, publication series: Case studies
Volume: SM278
Place of publication: Stanford, CA
Publishing house: Stanford Graduate School of Business
Publication language: English
Institution: Business School > Stiftungsprofessur für ABWL (Reichelstein 2018-)
Subject: 330 Economics
Abstract: In 2016, the German utility RWE undertook a carve-out in which substantial parts of the company’s assets and liabilities were offered to the general public as part of an IPO. The case describes the developments in the German energy landscape that led RWE to this unusual move. The case also examines how investors responded to this carve-out in terms of the valuations attached to RWE and the new subsidiary. Learning Objective Explain why an established utility felt compelled to undertake a corporate reorganization that transferred its most valuable operating assets to a new subsidiary that was then taken public. Examine in what sense this move “unlocked value” for the utility’s shareholders in a rapidly changing energy industry.

Dieser Datensatz wurde nicht während einer Tätigkeit an der Universität Mannheim veröffentlicht, dies ist eine Externe Publikation.

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