M&A in Clean-Energy Loving Germany Could Make Bonds 'Ungreen' [Bloomberg Business News]
ING GROUP (ISF)
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Source: Bloomberg Business News
Angela Merkel’s clean-energy push may turn out to be less ‘green’ than expected for bondholders caught up in the upheaval of Germany’s energy industry. In the latest redrawing of the power map as the nation moves away from nuclear and fossil fuels, EON SE is taking over renewables unit Innogy SE from rival RWE AG. The deal may see Innogy bonds stripped of their green credentials, according to the firm which gave the securities their environmentally-friendly label. The 850 million euros ($1 billion) of bonds, sold by Innogy Finance BV in October to finance wind farms, are set to become an obligation of electric power provider EON, according to ING Bank NV. Environmental and social research and ratings provider Sustainalytics told Bloomberg News that the takeover of Innogy means it will need to review whether they still meet the criteria. “Should an issuer undergo a significant organizational change such as a merger or an acquisition, Sustainalytics would reeva
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