The shareholders of German energy group E.ON have approved the spin-off and listing of Uniper, its conventional power generation subsidiary. Uniper, which groups E.ON's conventional power generation assets (around 40 GW of hydro, natural gas, coal power assets) and global energy trading, will operate independently from E.ON and will be listed in September 2016.
E.ON's transformation will be carried out in three phases. E.ON completed the spinoff of Uniper after the approval of the shareholders in late June 2016. It also intends to list 53.35% of Uniper shares on the stock market in September 2016; further stake sales in Uniper are not expected before 2018. Afterward, E.ON will focus on energy networks, customer solutions, and renewables. Under its new scope, E.ON's future earnings will come from regulated and quasi-regulated businesses, thus reducing its exposure to fluctuating commodity prices and exchange rates.
E.ON's conventional power generation subsidiary Uniper plans to reduce debt by cutting costs and by selling at least €2bn of assets by 2018.
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