E.On, Germany's largest electric utility, is hunting power and gas acquisitions following the €3.8bn ($5bn) sale of its controlling stake in Degussa, the world's biggest specialist chemical company.

Wulf Bernotat, chief executive, said in a statement released after the close of trading yesterday: "In the future we want to increase the degree to which we supplement organic growth with targeted asset purchases, which may include larger acquisitions as long as these meet our strict strategic and financial criteria."