E.On AG History

E.On-Platz 1
40479 Düsseldorf

Telephone: 49 (211) 4579-0
Fax: 49 (211) 4579-501

Public Company
Incorporated: 2000
Employees: 151,953 (2001)
Sales: EUR 80 billion (US $78.2 billion) (2001)
Stock Exchanges: Frankfurt New York
Ticker Symbol: EOA, EON
NAIC: 221111 Hydroelectric Power Generation; 221112 Fossil Fuel Electric Power Generation; 221113 Nuclear Electric Power Generation; 221119 Other Electric Power Generation; 422690 Other Chemical and Allied Products Wholesalers; 211111 Crude Petroleum and Natural Gas Extraction; 221121 Electric Bulk Power Transmission and Control; 213111 Drilling Oil and Gas Wells; 213112 Support for Oil and Gas Operations; 324110 Petroleum Refineries; 211112 Natural Gas Liquid Extraction; 221210 Natural Gas Distribution; 325120 Industrial Gas Manufacturing; 422720 Petroleum and Petroleum Products Wholesalers (Except Bulk Stations and Terminals); 562211 Hazardous Waste Treatment and Disposal; 562112 Hazardous Waste Collection; 924110 Administration of Air and Water Resource and Solid Waste Management Programs; 523110 Investment Banking and Securities Dealing; 234930 Industrial Non-Building Structure Construction

Company Perspectives:

E.On's strategy is to become a top global, integrated energy service provider via focus and growth strategy. ... [The company will] concentrate exclusively on core energy service business; pursue accretive acquisitions to cement a leading position in Europe and to establish solid position worldwide; dispose of non-utility activities; and continually cut costs and restructure throughout the group.

Key Dates:

VIAG AG (Vereingte Industrie-Unternehmungen Aktiengesellschaft) founded by the German Reich.
VEBA AG (Bereinigte Elektrizitäts und Bergwerke AG) established.
VEBA expands into petroleum industry, develops coal-derived gasoline and synthetic rubber; VEBA is a major participant in the Third Reich's Four Year Plan for armaments manufacturing and chemical refineries.
Stinnes' family's share in Hugo Stinnes Corp. is seized by the United States as assets of the enemy.
VEBA turned over to Federal Republic of Germany by Allies.
VEBA acquires 95 percent of Hugo Stinnes AG.
VIAG partially privatized.
VEBA becomes a public company.
VIAG fully privatized.
VEBA enters telecommunications market in joint venture with British Cable & Wireless.
VIAG Interkom founded, a joint venture with British Telecom.
Following a public offering, VEBA sells a 34.5 percent stake in Stinnes AG.
VIAG and VEBA merge to become E.On AG.
E.On sells VIAG Interkom for EUR 11.4 billion (US $11 billion).
E.On sells VAW Aluminium to Norsk Hydro for EUR 3.1 billion (US $3 billion), completes acquisition of British utility Powergen PLC for EUR 8.1 billion (US $7.9 billion), becomes full owner of Ruhrgas, and sells its remaining 65.4 percent stake in Stinnes AG.

Company History:

Further Reading:

  • Alperowicz, Natasha. "SKW Bulks Up in the U.S. Acquiring a Specialties Presence," Chemical Week, August 4, 1999, p. 28.
  • Breskin, Ira, "VEBA to Streamline Chemical Operations after "Marked' Loss," Journal of Commerce and Commercial, December 11, 1992, p. 7A.
  • "BP Boosts German Presence with Veba Deal," The Oil Daily, July 17, 2001.
  • "Consortia Led by SBC, Orange Gain Hotly Contested Swiss GSM Licenses," Communications Today, April 21, 1998.
  • "Die Doppelganger: German Utilities," The Economist, July 8, 1995, p. 64.
  • "Falling Chemical Prices Tip VEBA Into the Red," ECN-European Chemical News, August 23, 1993, p. 15.
  • "German Company VEBA A.G. to Lay Off 10,000 by 1995," The Oil and Gas Journal, September 13, 1993, p. 40.
  • "Germany's Herr Handy," The Economist, December 7, 1996, p. 66.
  • "Klaus Pilts, VEBA Director, Dies in Avalanche," Journal of Commerce and Commercial, April 16, 1993, p. 7A.
  • Reier, Sharon, "At the Crossroads," Financial World, July 7, 1992, p. 27.
  • Treue, Wilhelm, Die Geschichte der Ilseder Hütte, Peine, 1960.
  • "VEBA Results Held Back by Chemical Prospects," ECN-European Chemical News, April 4, 1994, p. 21.
  • Vollmer, Alfred. "New Venture to Tackle Deutsche Telekom Monopoly," Electronics, January 23, 1995, p. 1.
  • "Why West Germany is Selling Two Gems in the Crown Jewels," The Economist, July 5, 1986, p. 57.

Source: International Directory of Company Histories, Vol. 50. St. James Press, 2003.