KKCG says has submitted bid for Czech Innogy assets: Reuters

Czech investment group KKCG said on Friday it had submitted a bid to buy all Czech assets of German energy firm Innogy (IGY.DE).

The bid is an attempt to get into a deal under which Innogy parent RWE (RWEG.DE) and E.ON (EONGn.DE) plan to carve up the networks and renewables group.

“We are convinced our offer is attractive, we are offering an interesting premium over current market price,” a KKCG spokeswoman said, adding the bid had been placed on Thursday.

E.ON, which plans to take over Innogy’s network assets, has said it expected to end up owning the Czech assets which include a stake in gas distribution network and storage facilities.

KKCG, an investment vehicle of Czech entrepreneur Karel Komarek, has gas storage and oil and gas mining operations in the Czech Republic. Its other assets include gaming group Sazka.