Screwed it would appear as if the merged company is going to be represented with a new class of registered common stock which would lead one to believe that the current shares are going away. The new shares will represent ownership rights of BEHL and RWE together on whatever agreed upon control they worked out.
Both companies will use stock as a controlling interest. That's how it works. Now, will it be through common or preferred stock or perhaps a combination of both?
how will common shareholders fare when the new shares are distributed?
Hopefully you will find out at the CC. I am guessing the selling you have seen is representative of plans for a reverse split because I highly doubt anybody is real thrilled with having nearly 700 million shares that can't hold any price level as a starting point for this newly merged company.
Just a thought but a logical one. You will probably find out tomorrow and the stock will either tank or possibly hold steady for a day.