EON Plans Uniper Listing in September as No Investor Suits Filed

EON SE plans to list Uniper shares in September after Germany’s biggest utility didn’t receive any legal actions against the spinoff of the fossil-fuel power plants and trading business.

“We now expect the listing of Uniper SE to go ahead in September,” Johannes Teyssen, chief executive officer of EON, said in an e-mailed statement on Wednesday. The deadline for lawsuits against the split has expired.

At last month’s annual general meeting, investors voted by a majority of 99.7 percent for splitting EON in two to focus on renewable energy, networks and retail customers. EON, formed in 2000 from the merger of utilities Veba AG and Viag AG, plans to distribute 53 percent of Uniper’s shares to existing shareholders, giving one Uniper share for every 10 of EON, before eventually selling the remaining stake.

RWE AG, EON’s main competitor in its home market, followed late last year with its own plan to separate its renewables, retail and grid business. It will only sell about 10 percent of the new company in an initial public offering this year. While more stakes may be sold, RWE intends to keep a majority.