rwe Silver lining

E.on’s E55bn bid for Endesa has caught its cross-town rival on the hop. RWE is still clearing up the mess it created a few years ago when it ran up nearly E23bn of debt pursuing a flawed multi-utility strategy. It has ruled out big foreign deals for the time being. It may wound RWE’s pride having to sit out the feeding frenzy. But is probably a blessing for its investors. RWE boss Harry Roels has tied his hands for sensible reasons. First, he has set a debt limit of about E12bn in order to prese...