E.On bags €1.34bn for debt reduction after losses in 2016

By Aidan Gregory
17 Mar 2017

E.On, the German electricity and gas company, successfully placed €1.34bn of new equity on Thursday night after announcing earlier in the week that it had made a €16bn loss in 2016 due to a writedown of the value of Uniper, the fossil fuels business it span off last year, and costs related to the decommissioning of its nuclear assets.

The capital increase, of 200.1m shares, was conducted as an accelerated bookbuild led by Bank of America Merrill Lynch and Citigroup.

The deal was launched after the market close. There was price guidance of €6.71 to the market closing price of €6.831, a maximum discount of 1.8%.

“It ...

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