Deals
Engie to Cut Dividend From 2017 as Energy Rout Erodes Profit
- Shareholder payout will shrink to 70 euro cents from 1 euro
- Power-generation asset sales to cut debt by 5.5 billion euros
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Engie SA, the French energy company formerly known as GDF Suez SA, will cut dividends, slash costs and sell as much as 15 billion euros ($16.5 billion) of assets by 2018 as earnings are dented by falling prices.
Engie will reduce shareholder payouts on fiscal 2017 and 2018 earnings, the company based in Courbevoie near Paris said Thursday in a statement. Net recurring income fell 5 percent to 2.6 billion euros last year, in line with analyst estimates compiled by Bloomberg.