Uniper Issues 2018 Guidance, Raises Dividend

Date : 07/12/2017 @ 19:22
Source : Dow Jones News

Uniper Issues 2018 Guidance, Raises Dividend

   By Nathan Allen 
 

Germany's Uniper SE (UN01.XE) issued earnings guidance for 2018 on Thursday and said it plans to increase its 2018 dividend to 310 million euros ($366.2 million).

Uniper said it expects adjusted earnings before interest and taxes of between EUR800 million and EUR1.1 billion in 2018, compared with a range of EUR1 billion to EUR1.2 billion for 2017.

The company said it will propose a dividend of EUR310 million euros for 2018--up from EUR250 million in 2017--and that it plans to raise its dividend by an average of 25% a year through to 2020.

Uniper was formed when German utility company E.ON SE (EOAN.XE) spun off its conventional energy operations. E.ON has since committed to selling its remaining 47% stake in Uniper to Fortum Oyj (FORTUM.HE) and will incur a EUR1.5 billion charge if the deal doesn't go through.

In November Uniper's board recommended that shareholders reject a EUR8.05 billion takeover bid from Fortum, as it didn't think the offer was in the company's best interests.

Shares in Uniper rose by more than 6% on Tuesday after U.S. activist fund Elliott Management Corp. announced it had bought a 5.3% stake in the company. Uniper has since been trading over EUR25.50, far above Fortum's offer of EUR22 a share.

 

Write to Nathan Allen at nathan.allen@dowjones.com

 

(END) Dow Jones Newswires

December 07, 2017 03:07 ET (08:07 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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