EON spinoff Uniper plans flota­tion

The Myanmar Times - - International Business -

UNIPER, a spin-off busi­ness unit­ing Ger­man en­ergy gi­ant EON’s fos­sil fuel op­er­a­tions, says it is in good shape for a Septem­ber stock mar­ket de­but.

“We are very close to the goal,” chief ex­ec­u­tive Klaus Schae­fer told jour­nal­ists on a con­fer­ence call.

Uniper ex­pects to pub­lish its prospec­tus in early Septem­ber for a mid­month flota­tion, he said.

EON – Ger­many’s largest en­ergy com­pany – an­nounced the cre­ation of Uniper two years ago to spin off its gas and coal power plants, gas stor­age, and gas and elec­tric­ity trad­ing arms.

The par­ent com­pany will fo­cus on re­new­able en­ergy, nu­clear power and ser­vices, aim­ing to shield it­self from some of the heavy costs of Ger­many’s tran­si­tion to new forms of elec­tric­ity gen­er­a­tion. Prof­itabil­ity on power gen­er­ated from gas and coal has suf­fered from low whole­sale elec­tric­ity prices and com­pe­ti­tion from gov­ern­mentsub­sidised re­new­ables.

Uniper em­ploys around 15,000 of EON’s for­merly 56,000-strong work­force. –

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