E.ON’s Teyssen angling for Uniper sale

The chief executive of E.ON, Johannes Teyssen has acknowledged the company is looking to offload its remaining stake in Uniper, its offshoot business.

Teyssen hopes the quick sale of the power plant and trading unit it spun off last year, along with higher payouts, will help ease growing shareholder pressure.
Johannes Teyssen
“It will happen soon but also in a way that creates value, as the markets allow,” Teyssen told shareholders at the group’s annual general meeting on Wednesday. “This may enable us to recover for you some part of the Uniper impairment charges recorded in our 2016 financial statements.”

Following the spin-off, E.ON still holds a 46.65 percent stake in Uniper, which has a value of $3.09bn based on its current market valuation. E.ON has previously said it could sell further Uniper stakes from 2018.

Teyssen also reiterated his commitment to raising dividends to 0.30 euros a share for 2017, up from 0.21 euros apiece for 2016, with a view to increase payouts in the future.

E.ON recorded a $17bn annual net loss for 2016, the fourth since Teyssen took office in 2010 and one of the largest in German corporate history, mostly triggered by the spin-off.

Reuters reports that E.ON’s restructuring, its most far-reaching to date, has been received less well by investors and analysts than a similar breakup at peer RWE, which listed its Innogy unit last year.

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