E.On AG History

Address:
E.On AG
E.On-Platz 1
40479 Düsseldorf
Germany

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

Website:
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:

1923:
VIAG AG (Vereingte Industrie-Unternehmungen Aktiengesellschaft) founded by the German Reich.
1929:
VEBA AG (Bereinigte Elektrizitäts und Bergwerke AG) established.
1935:
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.
1941:
Stinnes' family's share in Hugo Stinnes Corp. is seized by the United States as assets of the enemy.
1945:
VEBA turned over to Federal Republic of Germany by Allies.
1965:
VEBA acquires 95 percent of Hugo Stinnes AG.
1986:
VIAG partially privatized.
1987:
VEBA becomes a public company.
1988:
VIAG fully privatized.
1994:
VEBA enters telecommunications market in joint venture with British Cable & Wireless.
1995:
VIAG Interkom founded, a joint venture with British Telecom.
1999:
Following a public offering, VEBA sells a 34.5 percent stake in Stinnes AG.
2000:
VIAG and VEBA merge to become E.On AG.
2001:
E.On sells VIAG Interkom for EUR 11.4 billion (US $11 billion).
2002:
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.