- The ‘Big Six’ would become the ‘Big Five’ if the deal gets the go-ahead
- SSE shares up over 2% on news of the tie-up with German owned Npower
10:25 EST, 7 November 2017
Energy suppliers Npower and SSE are in talks on a merger which would create a new giant in the UK gas and electricity marketplace.
Discussions between SSE and Npower’s parent company, the German firm Innogy, are said to be well-advanced, but no final decisions have been taken.
Under the proposed merger, the new business would combine SSE’s and Innogy’s household services businesses in Britain to create a ‘new independent energy supply company.’
Discussions between SSE and Npower’s parent company Innogy are said to be well-advanced.
This new entity would be listed on the stock market should the deal go through, and turn the ‘Big Six’ into the ‘Big Five’.
SSE said in a stock market announcement this afternoon: ‘In line with its stated commitment to embrace change in each of its businesses, adapting them to the political, economic, social and technological requirements of customers and of society as a whole, the board of SSE has been in discussions with Innogy about creating a new independent energy supply company.’
‘In discussions, SSE is mindful of the requirements of customers and the concerns of employees. It will disclose the outcome of the discussions as soon as they are concluded.’
SSE shares have climbed 2.9 per cent on the news to sit at 1414p.
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