E.ON Shareholders Agree to Uniper Spinoff
E.ON shareholders at their June 8 annual general meeting (AGM) voted by 99.68% in favour of splitting off its fossil-fuel generating, supply and trading business Uniper as a separate concern. They also agreed to list 53.35% of Uniper shares on the stock market later this year.
Uniper’s spinoff will take effect once it is entered into the commercial register, most likely in 2H 2016. E.ON shareholders will receive one Uniper share for every ten E.ON shares they hold.
Karl-Ludwig Kley (Photo credit: Merck)
Karl-Ludwig Kley, former CEO of pharmaceuticals and technology group Merck, was elected chairman of E.ON’s supervisory board, succeeding Werner Wenning who had asked to step down. The AGM also elected new members to the board, temporarily enlarging it from 12 to 18 until 2018.
Earlier this month Uniper agreed to borrow €5bn from a group of three banks to cover expenses after its spin-off from E.ON.
Mark Smedley