EON Shareholders Warn Against ‘Burning’ Money in Turkey, Brazil
This article is for subscribers only.
EON SE, Germany’s largest utility, defended its expansion into Brazil and Turkey against criticism from shareholders at the annual general meeting today.
We have “the impression EON earns its money in Germany to burn it abroad,” Ingo Speich, a portfolio manager at Union Investment GmbH, a top-10 holder of the shares, said at the meeting in Essen. “Synergies across national or even continental borders are rare in the energy industry.” Other shareholders also pointed to the risks of the expansion.