E.ON History 2000

In response to power market liberalization and Europe's excess generating capacity, E.ON Energie moves to shut down roughly 4,800 megawatts of its installed capacity by 2003.This equals nearly a sixth of the company's total production capacity.

E.ON Energie and Sydkraft, its Swedish subsidiary, sign a letter of intent with Vattenfall, the Swedish utility.The deal calls for E.ON Energie to transfer its 15.4 percent stake in HEW to Vattenfall; Sydkraft is also to transfer its 21.8 percent HEW shareholding to Vattenfall. In return, E.ON Energie and Sydkraft will receive shareholdings in Norway, Sweden, the Czech Republic, and Lithuania as well as a cash payment.

At Degussa-Hüls's and SKW Trostberg's Extraordinary Shareholders' Meetings, the companies' investors overwhelmingly approve the proposed merger to form the new Degussa.