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EON’s Uniper Float Is Omen for More Billion-Euro Writedowns

  • Spinoff’s market value seen at about 4 billion euros in survey
  • Analysts, investors expect volatile start of trading
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Should the Market Expect More EON Writedowns?

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EON SE faces another round of multi-billion euro writedowns as the market value of its fossil-fuel spinoff is forecast to fall massively short of that in its books when it starts trading in Frankfurt on Monday.

Uniper SE will be worth about 4 billion euros ($4.4 billion), according to the average estimate of 12 investors and analysts polled by Bloomberg. That’s a third of the value EON applied to the business as of June 30, and points to about 3.8 billion euros of impairments for the Essen-based utility, according to shareholder group Deutsche Schutzvereinigung fuer Wertpapierbesitz.