Danish energy group DONG Energy has announced its plans to carry out an Initial Public Offering (IPO) within 18 months, subject to market conditions. DONG Energy will now initiate IPO preparations, to allow the IPO to take place as soon as possible. The Danish state, which currently owns 58.8% of DONG Energy's share capital (17.9% New Energy Investment, 10.8% SEAS-NVE and 12.5% others), will retain a controlling stake in the company, which will divest its gas distribution and oil and gas pipelines to Energinet.dk (fully-controlled by the Danish state) at an appropriate point in time.
The group will continue to focus on renewables (especially offshore wind and biomass) and on distribution and sales in Denmark. DONG Energy has started to initiate a business programme to adapt its exploration and production (E&P) activities to the recent fall in global oil prices and will undertake a full strategic review of its E&P business.