Who is E.ON?
This notion of a “golden share” goes back to the creation of E.ON, six years ago, from the merger of two hundred-year old German companies, VEBA and VIAG. In 2002, they strengthened their strategic value by purchasing Ruhrgas, a gas company, following a fierce legal battle. At the time, the German government authorized the merger, although with some requirements. In addition to requiring E.ON to sell some shares in other companies, especially in the water sector, they imposed other conditions on the giant from Dusseldorf. The most important condition was this: If another owner became involved in E.ON, and it led to a redistribution of gas in Germany, E.ON would have to get rid of Ruhrgas. This clause is still valid until 2012. Nevertheless, the company itself, in a pamphlet distributed to investors in the United States in 2004, noted that the Ministry of Economics “has the right to take some initiatives (including the imposition of a possible veto) in the event that E.ON decides to sel
