FRANKFURT, Nov 30 (Reuters) - Innogy, Germany’s largest energy group, is not in pursuit of large takeovers, its chief executive said, adding most of the 2 billion euros ($2.13 billion) in proceeds from last month’s listing were earmarked for other growth projects.
“The 2 billion (euros) have been budgeted for the next 2-3 years. And we do not want to stick money under the mattress for acquisitions because we don’t want to present surprises to our shareholders,” Peter Terium said at the ICFW journalist club.
He added small bolt-on acquisitions were still possible, pointing to the recent purchase of energy storage and photovoltaics group Belectric, which it bought for less than 100 million euros ($106.45 million). ($1 = 0.9394 euros) (Reporting by Christoph Steitz; Editing by Victoria Bryan)