“E.ON’s billion-euro-problem Uniper”

German utility E.ON and its fossil fuel spin-off Uniper will write-off several billion euros after Uniper’s IPO planned for September, writes Jürgen Flauger in Handelsblatt, citing company sources. This was because of unrealistically high projections for Uniper’s net book value in the spin-off report at the beginning of this year, writes Flauger. Handelsblatt said E.ON and Uniper did not comment on the possible need to write-off. However, an E.ON spokesperson told the newspaper: “At the Capital Market Day in London in April we have already made clear that Uniper would be in our books with its market value after its listing, and that there might be a need for correction.” The reasons were the continued low resources and electricity prices, according to the spokesperson.

Read the article (behind paywall) in German here.