Bankers and hedge funds are heaving a collective sigh of relief after E.On, the German utility, finally reached an out-of-court settlement that will allow it to press ahead with its €10bn ($11bn) takeover of Ruhrgas, the gas distribution business.

The move came minutes ahead of a ruling from a Düsseldorf court that could have blocked the transaction, and on the final day of a deadline imposed on another deal in the complex web of exchanges.