EON spinoff Uniper plans flotation
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. –