E.ON Chief Executive Johannes Teyssen brushed off concern that Germany’s biggest utility could become a takeover target after the value of its shares dropped sharply this year, according to Frankfurter Allgemeine Zeitung.

“This company will remain able to shape its future itself,” the daily newspaper quoted him as saying in its Monday edition.

E.ON’s stock has lost about 38 percent of its value over the past six months, cutting its market value to 28.7 billion euros ($40.8 billion), as Japan’s nuclear crisis sparked a German government decision to exit nuclear power.

The company also has almost 34 billion euros of net debt due to major acquisitions it made in recent years.