Deals
E.ON Takes $3.6 Billion Charge on Electricity Plants
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E.ON AG, the German utility that bought French, Spanish and Italian power plants in 2008, said it took a 2.6 billion-euro ($3.6 billion) charge to reflect lower asset values as electricity demand trails expectations.
Writedowns led to an impairment charge of about 1.1 billion euros to cover goodwill and 1.5 billion euros for other assets, Dusseldorf-based E.ON said today in a statement. The charges are effective Sept. 30, and Chief Executive Officer Johannes Teyssen is set to comment on the company’s outlook and strategy in a third-quarter earnings release on Nov. 10.