E.On AG History

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.

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