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Deals of the year: Western Europe

Central & Eastern Europe        Asia        Latin America        North America


Best M&A deal
RWE's acquisition of Innogy
Size: $8.5 billion
Date: May 2002
Advisers: Merrill Lynch (RWE) CSFB, Deutsche Bank (Innogy)

Innogy and Dietmar Kuhnt of RWE: after a shaky
beginning, RWE of Germany acquired UK multi-utility
company Innogy in a "friendly" 275p per share deal

It was hardly an auspicious start to a relationship between a German company and its UK target. When executives of UK energy group Innogy arrived at Heathrow airport to meet their counterparts from the German utilities firm RWE they found they'd been assigned a meeting room named after World War II RAF fighter-pilot hero Douglas Bader.

It could have been an ice-breaker but did the executives see the joke? "Er, not really," confesses one of the bankers involved in the transaction. What made matters worse was that high winds delayed the aircraft carrying RWE CEO Dietmar Kuhnt from Germany, leaving Innogy CEO Brian Count and his team waiting for several hours.

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